GBP/USD Is in an Upward Move, Battles Resistance at 1.3450

Updated:

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 downward move. The Pound is making a series of lower highs and lower lows. The pair has fallen to a lower low of 1.3358. Today, the currency pair is rising on the upside to make a lower high. Since May, the GBP/USD has been in a downward move. The upward move has resumed on the upside. When the currency pair rises and breaks above the previous high of 1.3800 and the bullish momentum is sustained, the uptrend will continue.

GBP/USD – Daily Chart

Daily Chart Indicators Reading:
The Pound is at level 38 of the Relative Strength period 14. It indicates that the market is in the downtrend zone and below the centerline 50. GBP/USD has the tendency to fall on the downside. The price bars are below the moving averages indicating further downward.

GBP/USD Medium-term Trend: Bullish
On the 4-hour chart, the pair has resumed an upward move. The currency price has broken above the 21-day moving averages. Meanwhile, on November 15 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the pair is likely to rise to level 1.618 Fibonacci extension or level 1.3498.

GBP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is above the 75% range of the daily stochastic. It is in a bullish momentum. The pair is also approaching the overbought region. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for GBP/USD
The Pound is also approaching the overbought region. In the overbought region, sellers will emerge to push prices down. This will compel the selling pressure to resume.

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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.