GBP/USD Declines to Level 1.1227 as It Faces Rejection at Level 1.1738

Updated:

Technical indicators:
Major Resistance Levels – 1.2800, 1.2900, 1.3000
Major Support Levels – 1.1900, 1.1800, 1.1700

GBP/USD Long-Term Analysis: Bearish
GBP/USD is in a downtrend as it faces rejection at level 1.1738. On September 5, the Pound declined above level 1.1443 and resumed consolidation above it. On September 9, the pair makes an upward correction but was repelled at the 21-day line SMA. The Pound has declined above the current support and resumed fluctuation above it. On the downside, the Pound will decline if price breaks below the current support.

GBP/USD Declines to Level 1.1227 as It Faces Rejection at Level 1.1738
GBP/USD – Daily Chart

GBPUSD Indicator Analysis
GBP/USD is at level 36 of the Relative Strength Index for period 14. It indicates that the Pound is in the downtrend zone and may further decline. The currency price bars are below the moving average lines which indicates further decline. The moving averages lines are sloping southward indicating the downtrend. The pair is below the 20% range of the daily stochastic. It indicates that the selling pressure has reached bearish exhaustion.

What Is the Next Direction for GBP/USD?
On the weekly chart, the Pound is still in a downtrend as it faces rejection at level 1.1738. Nonetheless, the selling pressure has stalled since August 29. The downtrend will resume if the price breaks below the current support. Meanwhile, on the July 11 downtrend, a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement suggests that the Pound will fall to level 1.618 Fibonacci extension or level 1.1196. From the price action, the pair has fallen to the low of level 1.1432.

GBP/USD Declines to Level 1.1227 as It Faces Rejection at Level 1.1738
GBP/USD – Weekly Chart

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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.