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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 is in a downward correction but it may decline to level 1.3000 low. The current downtrend may revisit the previous low at level 1.3000. Meanwhile, on January 27 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the Pound will fall to level 2.0 Fibonacci extension or 1.2945. From the price action, the Pound is revisiting level 2.0 Fibonacci extension after rejection fromlevel 1.3210.
Daily Chart Indicators Reading:
The Pound is at level 39 of the Relative Strength Index for period 14. The market is approaching the oversold region and it is below the centerline 50. The selling pressure has resumed to the downside. The 21-day line and 50-day line moving averages are sloping downward indicating the downtrend.
GBP/USD Medium-term Trend: Bearish
On the 4-hour chart, the Pound is in a upward move. The pair has broken above the moving averages but fell below the 21-day line moving average. The Pound is falling after rejection at level 1.3200. GBP/USD is likely to be compelled to a range bound move as it is between the moving averages.
4-hour Ch.art Indicators Reading
The Pound has fallen above the 23% range of the daily stochastic. The pair is approaching the oversold region. The 21-day and 50-day SMAs are sloping southward indicating the downtrend.
General Outlook for GBP/USD
GBP/USD has resumed a fresh downtrend but it may decline to level 1.3000 low. The previous uptrend was hampered at the resistance of level 1.3210.
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