GBP/USD Is in a Range Bound Move, Pauses above Level 1.3581

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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: Bullish
GBP/USD is trading above the 21-day SMA and below the 50-day SMA but pauses above Level 1.3581. This indicates that the currency pair will be in a range-bound move. The Pound will resume a selling pressure if the currency price breaks below the 21-day SMA. Similarly, the Pound will commence an upward move if the price breaks above the 50-day SMA . The market will remain range-bound if the moving averages remain unbroken. The Fibonacci tool analysis is indicating that the previous downtrend has been exhausted at level 1.618 Fibonacci extension or level 1.3148.

 GBP/USD Is in a Range Bound Move, Pauses above Level 1.3581
GBP/USD – Weekly Chart

Daily Chart Indicators Reading:
The Pound is at level 50 of the Relative Strength for period 14. It indicates that there is a balance between supply and demand. The currency price is between the moving averages indicating that the Pound is likely to be range-bound. The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways move.

GBP/USD Medium-term Trend: Bullish
On the 4-hour chart, the Pound is in a smooth uptrend. The currency price is making a series of higher highs and higher lows. However, the uptrend has been terminated as price breaks below the moving averages and the bullish trend line.

 GBP/USD Is in a Range Bound Move, Pauses above Level 1.3581
GBP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The Pound is below 20% range of the daily stochastic. The pair has fallen to the oversold region of the market. This implies that the selling pressure has reached bearish exhaustion. Also, it means that buyers will emerge to push prices upward. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for GBP/USD
The Pound is in a range-bound move but pauses above Level 1.3581. Presently, the selling pressure has reached bearish exhaustion. The market is expected to resume an upward move to the upsides.

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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.