GBP/USD Continues Bearish Run, Faces Rejection at Level 1.3500


Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000

GBP/USD Price Long-term Trend: Bearish
GBP/USD pair has been in a downward move. The currency price is making a series of lower highs and lower lows. The Pound is falling after rejection from level 1.3500. On November 12 downtrend; a retraced candle body tested the 78.% Fibonacci retracement level. The retracement indicates that the Pound will fall to level 1.272 Fibonacci extension or level 1.3222.

GBP/USD – Daily Chart

Daily Chart Indicators Reading:
GBP/USD has fallen to level 37 of the Relative Strength Index period 14. The currency pair has fallen to the downtrend zone and is capable of further downside. The price bars are below the 21-day line and 50-day line SMAs indicating a further downward move.

GBP/USD Medium-term Trend: Bullish
On the 4-hour chart, the pair is in a downward move. The pound has fallen to the oversold region. Meanwhile, on November 11 downtrend; a retraced candle body tested the 50% Fibonacci retracement. The retracement indicates that GBP/USD is likely to fall to level 2.0 Fibonacci extension or level 1.3100.

GBP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is below the 20% range of the daily stochastic. The Pound has fallen to the oversold region. The selling pressure has reached bearish exhaustion. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for GBP/USD
The Pound has fallen to the oversold region. However, the selling pressure will resume if price breaks below the previous low at level 1.3350. Meanwhile, the Pound is trading at level 1.3390 at the time of writing.

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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.