GBP/USD Is Range-bound Between Levels 1.3700 And 1.400, May Rally Above Level 1.4000

GBP/USD Is Range-bound Between Levels 1.3700 And 1.400, May Rally Above Level 1.4000

Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000

GBP/USD Price Long-term Trend: Bullish
Since February 24, the pair has been in a sideways trend after the rejection at level 1.4200. All the sideways moves have been restricted below level 1.4000. On April 19, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the Pound is likely to rise to level 2.0 Fibonacci extension or level 1.4243. The current uptrend will face rejection at levels 1.4000 and 1.4200.

GBP/USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day and 50-SMAs are sloping upward indicating the uptrend. The Pound is at level 55 of the Relative Strength period 14. It indicates that the pair is in the uptrend zone and capable of rising.

GBP/USD Medium-term Trend: Bullish
On the 4-hour chart, the pair has resumed an upward move. The uptrend is facing rejection at level 1.4000. On April 20 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the pair is likely to rise to level 2.0 Fibonacci extension or level 1.4292.

GBP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The GBP/USD pair is currently above the 50% range of the daily stochastic. The pound is in a bullish momentum. The 21-day and 50-day SMA are sloping upward indicating the upward move.

General Outlook for GBP/USD
The GBP/USD upward move is facing rejection at levels 1.4000 and 1.4200. Since February, these levels have not been broken. The Pound has been ranged bound between levels 1.3700 and 1.4000.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.