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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: Bearish
GBP/USD pair has resumed a downward move after rejection from level 1.4000 resistance zones. Initially, the pair dropped to 1.3875 low as price corrected upward. The upward correction was terminated at level 1.3950. The pair has resumed selling pressure. Meanwhile, on August 2 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the Pound is likely to fall to level 1.618 Fibonacci extension or level 1.3803.
Daily Chart Indicators Reading:
The Pound is at level 48 of the Relative Strength period 14. It implies that the pair is in the downtrend zone below the centerline 50. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways move.
GBP/USD Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downtrend. The Pound has fallen as price broke below the moving average. Meanwhile, on August 2 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the Pound is likely to fall to level 2.0 Fibonacci extensions or level 1.3766.
4-hour Chart Indicators Reading
The Pound is below the 20% range of the daily stochastic. The pair has reached the oversold region of the market. Buyers are expected to emerge. The 21-day and 50-day SMAs are sloping downward indicating the downward move.
General Outlook for GBP/USD
GBP/USD pair has resumed a downward move. The pound is likely to further decline as price breaks below the moving averages. According to the Fibonacci tool, the pair will decline to level 1.3766.
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