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
GBP/USD is in an uptrend but the upward move has been interrupted at the high of level 1.3750. After declining to the low of 1.3657, the pair has resumed a fresh uptrend. Today, the market has risen to a high of 1.3729. Meanwhile, on September 23 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the pair is likely to rise to level 2.618 Fibonacci extension or level 1.3973.
Daily Chart Indicators Reading:
The 21-day and 50-SMAs are sloping upward indicating the uptrend. The Pound is at level 46 of the Relative Strength period 14. It indicates that the market is in the downtrend zone and below the centerline 50.
GBP/USD Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an uptrend. The bullish momentum has broken above the moving averages suggesting a further upward move. On September 27 uptrend; a retraced candle body tested the 61.8 % Fibonacci retracement. The retracement indicates that the Pound will rise to level 1.618 Fibonacci extension or level 1.3768.
1-hour Chart Indicators Reading
The pair is above the 70% range of the daily stochastic. It indicates that the market is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the upward move.
General Outlook for GBP/USD
The GBP/USD has resumed an upward move. The pair is rising to retest previous high of 1.3950. According to the Fibonacci tool analysis, the Pound will rise to level 2.618 Fibonacci extension.
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