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 correction but faces rejection at level 1.2560 . It is trading above the 21-day line SMA and below the 50-day line SMA. The implication is that the Pound will be compelled to a range bound move for a few more days. The bulls are yet to break above the 50-day line SMA as the pair finds support above the 21-day SMA. Today, the pair is rising to the upside to retest the upper price range. The Pound will resume uptrend if buyers breach the 50-day line SMA. Since May 31, the upward moves have been repelled.
Daily Chart Indicators Reading:
GBP/USD is at level 50 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The price bars are above the 21-day line SMA but below the 50-day line SMA. 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 is in a sideways move. The upward move is facing resistance at level 1.2650.The uptrend has been terminated at the recent high. The Pound finds support above the 50-day line moving average. The upward move will commence if price breaks above moving averages.
4-hour Chart Indicators Reading
Meanwhile, the market is above the 80% range of the daily stochastic. The pair has reached the overbought region of the market. The 21-day line and 50-day line SMAs are sloping upward indicating the uptrend.
General Outlook for GBP/USD
GBP/USD is in a sideways move but faces rejection at level 1.2560. The Pound is fluctuating between 1.2458 and 1.2560 price levels. The pair is also confined between the moving averages.
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