GBP/USD Has Fallen Into the Oversold Region, an Upward Move Likely


Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000

GBP/USD Price Long-term Trend: Bullish
GBP/USD upward move has been interrupted at level 1.4200. The pair fell to level 1.3800 support and resumed fluctuation between levels 1.3800 and 1.400. The pair has retested the resistance at level 1.400 but faces rejection. The market will resume an upward move if the resistance is breached. The currency pair has fallen to the lower price range. The support is likely to hold as there are bullish signals.

GBP/USD – Daily Chart

Daily Chart Indicators Reading:
The moving averages are sloping upward indicating the upward move. The pair has fallen to level 45 of the Relative Strength Index period 14. This indicates that the Yen is in the downtrend zone and below the centerline 50.

GBP/USD Medium-term Trend: Bearish
On the 4-hour chart, the market is presently falling. The pair has fallen to level 1.3820 and pulled back. Meanwhile, a retraced candle body tested the 78.6% Fibonacci retracement level on March 22. The retracement indicates that price will fall to level 1.272 Fibonacci extension.

GBP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The GBP/USD pair is currently below the 20% range of the daily stochastic. It indicates that the pair is in a bearish momentum. Buyers are likely to emerge. The SMAs are sloping horizontally.

General Outlook for GBP/USD
The GBP/USD is trading in the oversold region of the market. GBP/USD fell to level 1.3820 and pulled back. The long candlestick tails indicate that there is buying pressure at a longer price level. The Fibonacci tool has indicated a reversal at level 1.272 Fibonacci extension or 1.3776.

You can purchase crypto coins here: Buy Coins

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
Share with other traders!

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.