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 as it recoups above 1.1989. In the previous price action, the Pound has been in a sideways move since May 19. On June 10, the bears broke below the 21-day SMA as the pair declined to level 1.1933 low. The recent fall has pushed the Pound to the oversold region of the market. The implication is that the downtrend is likely to subside.
Daily Chart Indicators Reading:
GBP/USD is at level 28 of the Relative Strength Index for period 14. The pair has fallen to the oversold region of the market. The current price fall may subside. The price bars are below the 21-day line SMA and the 50-day line SMA indicating a further decline. The 21-day line and 50-day line moving averages are sloping downward indicating the downtrend.
GBP/USD Medium-term Trend: Ranging
On the 4-hour chart, the Pound was in a sideways move below level 1.2600 resistance level. On June 7, the bulls attempted to breach the recent high. In the process of time, the Pound was repelled at the recent high. GBP/USD has fallen below the previous low of 1.2155.
4-hour Chart Indicators Reading
Meanwhile, the market is below the 20% range of the daily stochastic. The pair has reached the oversold region of the market. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.
General Outlook for GBP/USD
GBP/USD is in a downtrend as it recoups Above 1.1989 .The Pound is trading in the oversold region of the market. It will rise as buyers emerge in the oversold market.
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