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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 is in a sideways trend since May 10. The currency pair is ranging in a tight range between levels 1.4100 and 1.4200. Today, the Pound is rising on the upside to retest the previous highs. On the upside, if price breaks above level 1.4200, the pair will resume up trending. Similarly, if the bears break below level 1.4100, the pair will further decline. GBP/USD pair will continue to be range-bound if the range-bound levels remain unbroken.
Daily Chart Indicators Reading:
The Pound is at level 50 of the Relative Strength period 14. It indicates that there is a balance between supply and demand. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. The crypto’s price is below the moving averages which may fall. However, the Pound is presently rising on the upside.
GBP/USD Medium-term Trend: Ranging
On the 4-hour chart, the pair is in a horizontal channel. The pair is fluctuating between levels 1.4100 and 1.4200. The Pound broke below the lower price range and pulled above it. The price is expected to rise above the current support. The currency pair is still in the bearish trend zone which makes it prone to fall.
4-hour Chart Indicators Reading
GBP/USD is above the 25% range of the daily stochastic. It indicates that the Pound is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the upward move. The current upward move is facing resistance at the 21-day SMA.
General Outlook for GBP/USD
GBP/USD pair is in a sideways move in a confined range. The currency pair will continue to range if the range-bound level remains unbroken. The Pound is trading at 1.4112 at the time of writing. Since June 11, the market has been consolidating above level 1.4100.
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