GBP/USD Is In A Downward Correction As It Holds Above 1.0356

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Technical indicators:
Major Resistance Levels – 1.2800, 1.2900, 1.3000
Major Support Levels – 1.1900, 1.1800, 1.1700

GBP/USD Long-Term Analysis: Bearish
GBP/USD is in a downtrend as it holds above 1.0356. The currency pair corrected upward and broke above the 21-day line SMA but failed to breach the 50-day line SMA. The pair could have resumed an uptrend if price had broken above the moving average lines. Meanwhile, the Pound is confined between the moving average lines. The pair will trend when the moving average line is broken. For instance, the selling pressure will resume when price breaks below the 21-day line SMA. Nonetheless, the downtrend will commence as sellers breach the current support.

GBP/USD Is In a Downward Correction As It Holds Above 1.0356
GBP/USD – Daily Chart

GBPUSD Indicator Analysis
The recent upward correction has pushed the Pound to level 51 on the Relative Strength Index for period 14. The currency price bars are between the moving average lines indicating possible range bound move. In the meantime, the Pound has fallen to the oversold region of the market and below the 20% range of the daily stochastic.

What Is the Next Direction for GBP/USD?
On the 1-hour chart, the Pound is in the downtrend zone as it holds above 1.0356. On October 14 downtrend, the Pound corrected upward and a candle body tested the 61.8% Fibonacci retracement level. The correction implies that the Pound will fall to level 1.618 Fibonacci extension or level 1.1043.

GBP/USD Is In a Downward Correction As It Holds Above 1.0356
GBP/USD – 1 Hour Chart

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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.