GBP/USD Consolidates above 1.3500 Support, Targets Level 1.3800

Updated:

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
GBP/USD is in a sideways trend as it targets level 1.3800. Buyers are struggling to break above the moving averages. Presently, the Pound is above the 50-day line moving average but below the 21-day line moving average. The implication is that the currency pair will continue to fluctuate between the moving averages. However, if the bulls break above the 50-day line moving average, GBP/USD will resume uptrend.

GBP/USD Consolidates above 1.3500 Support, Targets Level 1.3800
GBP/USD – Daily Chart

Daily Chart Indicators Reading:
The Pound is at level 52 of the Relative Strength Index for period 14. The currency pair is in the bullish trend zone. The Pound will attempt to rise in the bullish trend zone. The 21-day line and 50-day line moving averages are sloping horizontally indicating the sideways trend.

GBP/USD Medium-term Trend: Bullish
On the 4-hour chart, the Pound is in an uptrend. The uptrend is hindered at level 1.3600. The upward move will resume if the recent high is breached. Meanwhile, on February 3 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that the Pound will rise to level 2.0 Fibonacci extension or 1.3872.

GBP/USD Consolidates above 1.3500 Support, Targets Level 1.3800
GBP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The Pound is above the 30% range of the daily stochastic. It indicates that the market is in bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for GBP/USD
GBP/USD is still struggling to break above the 21-day line moving averages as it targets level 1.3800. However, the market will continue to be range-bound if the Pound is trading between the 21-day and 50-day line moving averages.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.