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
The Pound has been in a downward move since June. The downtrend has reached bearish exhaustion. The bears have been repelled at level 1.3620 support. Each bearish move has been facing rejection at the recent low. Meanwhile, on June 21 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 1.3503.
Daily Chart Indicators Reading:
GBP/USD is at level 44 of the Relative Strength period 14. It implies that the pair is in the downtrend zone below the centerline 50. The pair is capable of falling on the downside. The 21-day SMA and the 50-day SMA are sloping southward indicating the downtrend.
GBP/USD Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. The selling pressure has been accelerated as price breaks below the moving averages. Meanwhile, on the August 16 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the Pound is likely to fall to level 1.272 Fibonacci extensions or level 1.3679.
4-hour Chart Indicators Reading
The Pound is below the 20% range of the daily stochastic. The market has reached the oversold region. Selling pressure is likely to be exhausted. The 21-day and 50-day SMAs are sloping downward indicating the downward move.
General Outlook for GBP/USD
The pair is still falling. Presently, the pair has fallen to the oversold region of the market. The market has fallen to level 1.3819 with the appearance of bullish candlesticks. The pound is expected to reach the low of level 1.3788.
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