GBP/USD Faces Rejection at Level 1.2279 as It Targets Level 1.2053 Low

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 downward correction as it targets level 1.2053 low. The price breaks above the 21-day line SMA but failed to break the 50-day line SMA. The pair is fluctuating between the moving average lines. It is approaching the 21-day line SMA. The downtrend will resume if price breaks below the 21-day line SMA.

GBPUSD Indicator Analysis
The Pound is at level 53 of the Relative Strength Index for period 14. It indicates that the pair is in the uptrend zone and capable of a further upward move. The currency price is between the moving average lines indicating a range-bound zone. The pair is above the 25% range of the daily stochastic. GBP/USD is in a bullish momentum.

What Is the Next Direction for GBP/USD?
On the 4-hour chart, the Pound is in a downward move as it targets level 1.2053 low. In its latest decline on August 1, the bears broke below the moving average lines to reach the low of level 1.2100. The selling pressure has resumed as price breaks the level of 1.2100. Meanwhile, August 3 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that the Pound will fall but will reverse at level 1.272 Fibonacci extension or level 1.2053. From the price action, the Yen has reached a low of 1.2065.

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