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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: Ranging
GBP/USD pair has been in a sideways trend below 1.4200 overhead resistances. For the past three months, the pair has been making positive moves below level 1.4200. On July 30, the pair reached the high of 1.3979 and was repelled. Meanwhile, on July 30 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the Pound is likely to rise to level 1.272 Fibonacci extension or level 1.4094.
Daily Chart Indicators Reading:
The Pound is at level 52 of the Relative Strength period 14. It implies that the pair is in the uptrend zone above the centerline 50. 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 pair was falling after reaching the previous high. However, the downward move has reached bearish exhaustion. On July 30 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the pair is likely to rise but reverse at level 1.272 Fibonacci extension or level 1.3842.
4-hour Chart Indicators Reading
The Pound is below the 20% range of the daily stochastic. The pair has reached the oversold region of the market. buyers are expected to emerge. The 21-day and 50-day SMAs are sloping downward indicating the downward move.
General Outlook for GBP/USD
GBP/USD pair is trading in the oversold region of the market. Buyers are expected to emerge in the oversold region of the market. According to the Fibonacci tool, the pair will reverse at level 1.272 Fibonacci extension or level 1.3842.
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