GBP/USD Makes an Upward Correction, Retraces above Level 1.2560

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 correction as it retraces above level 1.2560. The Pound is above the 21-day line SMA but below the 50-day line SMA as it declines to the blue line moving average. The pair will continue its range-bound move if it retraces and find support above the 21-day line SMA. The downtrend will resume if price breaks below the 21-day line SMA s. Presently, it has fallen to the low of level 1.2578.

GBP/USD Makes an Upward Correction, Retraces above Level 1.2560
GBP/USD – Daily Chart

Daily Chart Indicators Reading:
The Pound 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: Bullish
On the 4-hour chart, the Pound is in an uptrend. The uptrend has been terminated as price breaks below the moving averages. The Pound finds support above the 50-day line moving average. The upward move will commence if the 50-day line moving average support holds.

GBP/USD Makes an Upward Correction, Retraces above Level 1.2560
GBP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Meanwhile, the market is below the 20% range of the daily stochastic. The pair has fallen to the oversold region of the market.
The current uptrend is likely to resume The 21-day and 50-day SMAs are sloping upward indicating an uptrend.


General Outlook for GBP/USD
GBP/USD is rising as it fell to the oversold region of the market but retraces above level 1.2560. The selling pressure has reached bearish exhaustion as buyers emerged in the oversold region of the market.

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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.