GBP/USD Is in Downtrend as Sellers Attempt To Reach Level 1.0947

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Technical indicators:
Major Resistance Levels – 1.2800, 1.2900, 1.3000
Major Support Levels – 1.1900, 1.1800, 1.1700

GBP/USD Long-Term Analysis: Bearish
GBP/USD has continued its downward move as sellers attempt to reach level 1.0947. The Pound corrected upward and broke above the 21-day line SMA but failed to break above the 50-day line SMA. Sellers have resumed selling pressure as they broke below the 21-day line SMA. The market will decline and revisit the previous low at 1.0356. The downtrend will resume if the current support is breached.

GBP/USD Reaches Oversold Region as Sellers Attempt To Reach Level 1.0947
GBP/USD – Daily Chart

GBPUSD Indicator Analysis
The Pound is in the downtrend zone at level 42 of the Relative Strength Index for period 14. It is capable of further decline. The currency pair has fallen to the oversold region of the market. It is below the 20% range of the daily stochastic. The downtrend has reached bearish exhaustion. The moving average lines are sloping southward indicating the downtrend.

What Is the Next Direction for GBP/USD?
The Pound has fallen significantly as sellers attempt to reach level 1.0947. On the 4-hour chart, the currency price is making a series of lower highs and lower lows. On October 6 downtrend, the pair corrected upward and a candle body tested the 61.8% Fibonacci retracement level. The correction implies that the Pound will fall to level 1.618 Fibonacci extension or level 1.0947.

GBP/USD Reaches Oversold Region as Sellers Attempt To Reach Level 1.0947
GBP/USD – 1 Hour Chart

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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.