GBP/USD Is in a Sideways Move, Struggles below Level 1.3615

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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 in a sideways move but struggles below level 1.3615. On February 3, the currency price breaks above the moving averages. The pound retraced below the 21-day SMA. The implication is that the currency price will be fluctuating between the moving averages. Meanwhile, on February 4 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that the Pound will rise to level 1.618 Fibonacci extension or level 1.3790.

GBP/USD Is in a Sideways Move, Struggles below Level 1.3615
GBP/USD – Daily Chart

Daily Chart Indicators Reading:
The Pound has risen to level 51 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The 21-day SMA and the 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 an uptrend as price breaks above the moving averages. The Pound has retraced below the 21-day SMA. The uptrend will resume if price breaks above the 21-day SMA. Meanwhile, on February 3 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that the Pound will rise to level 2.0 Fibonacci extension or 1.3874.

GBP/USD Is in a Sideways Move, Struggles below Level 1.3615
GBP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The Pound is above the 25% range of the daily stochastic. It indicates that the market is in a bullish momentum. . The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

.General Outlook for GBP/USD
GBP/USD is in a sideways trend but struggles below level 1.3615. The Pound has fallen below the moving averages. If price breaks above the 21-day SMA, the uptrend will resume. The downtrend will resume if price breaks below the 50-day SMA.


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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.