GBP/USD Holds Above 1.2411 but Risks Further Decline to 1.2223

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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 downtrend as it risks further decline to 1.2223. Since April 28, the market has been fluctuating above the current support. The Pound has fallen to the oversold region of the market. The downtrend has reached bearish exhaustion. The market is expected to resume upward. Meanwhile, on March 13 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the Pound will fall to level 61.8 Fibonacci extension or 1.2595. From the price action, the Pound has reached level 1.618 Fibonacci extension and it is consolidating above it.

Daily Chart Indicators Reading:
The Pound is at level 29 of the Relative Strength Index for period 14. Since April 28, the Pound has fallen to the oversold region of the market. Buyers are expected to rise to push the pair upward to the previous highs. 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 downward move. It fell to level 1.2420 and resumed upward correction. The brief uptrend is facing rejection at the recent high. Meanwhile, on April 28 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the Pound will fall but reverse at level 1.272 Fibonacci extension or 1.2223.

4-hour Chart Indicators Reading
GBP/USD is above the 40% range of the daily stochastic. It indicates that the pair is in a bullish momentum. The Pound will resume its upward move. The 21-day and 50-day SMAs are sloping downward indicating a downtrend.

General Outlook for GBP/USD
The currency pair has reached the oversold region but risks further decline to 1.2223. The upward move is facing rejection at the recent high. The currency pair will fall to level 1.2223 if it loses the level 1.2420 price level.

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