GBP/USD Consolidates between Levels 1.4100 and 1.4250, Uptrend Likely

GBP/USD Consolidates between Levels 1.4100 and 1.4250, Uptrend Likely

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 pair is in an uptrend. The Pound is currently fluctuating below level 1.4300. The upward move has been resisted since May 18. Meanwhile, on May 11 uptrend, a retraced candle body tested the 61.8%% Fibonacci retracement level. The retracement indicates that the pair is likely to rise to level 1.618 Fibonacci extension or level 1.4359.

GBP/USD – 4 Hour Chart

Daily Chart Indicators Reading:
The moving averages are sloping upward indicating the uptrend. The pair has a bullish crossover as the 21-day SMA crosses above the 50-day SMA. The Pound is at level 55 of the Relative Strength period 14. It indicates that the pair is in the uptrend zone and above the centerline 50.

GBP/USD Medium-term Trend: Ranging
On the 4-hour chart, the pair has resumed a sideways move. The currency pair is fluctuating between levels 1.4080 and 1.4200 since May 10. Today, the price is attempting to break above 21-day SMA and the 50-day SMA. A breakout above the moving averages will propel the Pound to rise.

GBP/USD – 4 Hour Chart

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

General Outlook for GBP/USD
GBP/USD pair is in a sideways move. The pair is yet to trend as it continues to fluctuate in a price range.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.