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Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000
GBP/USD Price Long-term Trend: Bullish
The pound rebounded above level 1.3800 and broke through the price levels. The bullish momentum has broken above level 1.4000 high. For the past three months, the Pound has been in a downward correction as bulls fail to break the overhead resistance. The pair will be out of a downward correction if the current momentum is sustained. On April 20 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the pair is likely to rise to level 2.0 Fibonacci extension or the high of level 1.4346.
Daily Chart Indicators Reading:
The 21-day and 50-SMAs are sloping horizontally indicating the sideways trend. The Pound is at level 67 of the Relative Strength period 14. It indicates that the pair is in the uptrend zone and it is approaching the overbought region of the market.
GBP/USD Medium-term Trend: Ranging
On the 4-hour chart, the pair was earlier in a sideways move. The bulls have broken the overhead resistance and rallied on the upside. The market has reached a high of level 1.4850 but faces rejections. The selling pressure may continue as the market reaches the overbought region.
4-hour Chart Indicators Reading
The GBP/USD pair is currently above the 80% range of the daily stochastic. The pound is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the upward move.
General Outlook for GBP/USD
The GBP/USD in now in an uptrend. The bulls have broken the overhead resistance. The pound has a new high of level 1.4850. The uptrend is likely to continue.
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