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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 pair is in a downtrend. On June 18, the currency pair fell to leve 1.3800 and corrected upward. The upward correction was terminated at level 1.4000 signaling the resumption of a downward move. Meanwhile, on June 21 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the Pound is likely to fall to level 1.618 Fibonacci extension or level 1.3512.
Daily Chart Indicators Reading:
The Pound is at level 48 of the Relative Strength period 14. It implies that the Pound is in the midpoint of the centerline. That is there is a balance between support and demand. The 21-day SMA and the 50-day SMA are sloping southward indicating the downtrend.
GBP/USD Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. The selling pressure resumes after rejection at level 1.4000. The downtrend will continue as the market reaches the overbought region. On June 20 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the pair is likely to fall to level 2.0 Fibonacci extension or level 1.3456.
4-hour Chart Indicators Reading
The Pound is below the 80% range of the daily stochastic. The Pound has reached the overbought region. The 21-day and 50-day SMAs are sloping downward indicating the downward move. The price bars are below the moving averages which indicate further downsides.
General Outlook for GBP/USD
GBP/USD pair is likely to continue its downward move. The upward correction is facing rejection at level 1.3900. According to the Fibonacci tool analysis, the Pound will reach level 1.618 Fibonacci extension or level 1.3456
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