Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000
GBP/USD Price Long-term Trend: Bearish
GBP/USD is in a downtrend but may face rejection at 1.2540. Also, the uptrend is likely to face rejection at the 21-day line SMA. In other words, the pair will face resistance at level 1.2614. On April 28 price action, the Pound fell above level 1.2411 and consolidated above it before resuming selling pressure. On the upside, if the bulls break above the moving averages, and the bullish momentum is sustained, the bearish trend will be terminated.
Daily Chart Indicators Reading:
Despite the upward correction, the Pound is at level 43 of the Relative Strength Index for period 14. The pair is in the downtrend zone and capable of a further downward move. The 21-day line and 50-day line moving averages are sloping downward indicating the downtrend.
GBP/USD Medium-term Trend: Bearish
On the 4-hour chart, the Pound has been trading in the overbought region. The brief uptrend is facing resistance at level 1.2498. The Pound is expected to retrace after reaching the overbought region. Meanwhile, on May 17 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the Pound will fall but reverse at level 1.272 Fibonacci extension or 1.2529.
4-hour Chart Indicators Reading
Meanwhile, the market is above the 80% range of the daily stochastic. The pair is trading in the overbought region of the market. Sellers will emerge to push prices down. The 21-day and 50-day SMAs are sloping upward indicating an uptrend.
General Outlook for GBP/USD
The currency pair is trading in the overbought region but may face rejection at 1.2540.. The Pound will fall as it is unable to sustain above the recent high. The 21-day SMA is acting as resistance to the prices. The Pound will further decline if prices break below level 1.2164
You can purchase crypto coins here: Buy LBlock
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.