GBP/USD Is in a Downtrend as Bears Struggle to Break Level 1.3000

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 bears struggle to break Level 1.3000. The selling pressure will resume if price breaks below the previous low and the bearish momentum is sustained. Meanwhile, on March 14 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 1.2611.

Daily Chart Indicators Reading:
The Pound is at level 34 of the Relative Strength Index for period 14. The pair is in the downtrend zone and capable of a further downward move. The selling pressure has resumed as the pair faces rejection at level 1.3273. 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 downtrend. The pair has fallen to the low of level 1.3012 and resumed consolidation above it. The selling pressure will resume if price breaks below the current support. Meanwhile, on April 6 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the Pound will fall to level 1.618 Fibonacci extension or 1.2969.

4-hour Ch.art Indicators Reading
The Pound has fallen below the 40% range of the daily stochastic. The stochastic bands are sloping horizontally indicating the sideways move. The 21-day and 50-day SMAs are sloping downward indicating a downtrend.

General Outlook for GBP/USD
The Pound is falling to the downside as bears struggle to break Level 1.3000. The selling pressure will resume if price breaks below level 1.3012. There are candlesticks with long tails indicating that the current support has strong buying pressure.

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