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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 is in a downtrend as it may decline to level 1.1715. The bears have broken below the lower lows of 1.1934 signaling a further downward move. This was a result of rejection at level 1.2400 high. On the upside, the 21-day line SMA has restrained a further upward movement of the pair. The current selling pressure may extend to the low of level 1.1715.
Daily Chart Indicators Reading:
The Pound is at level 35 of the Relative Strength Index for period 14. The pair is in the downtrend zone and it is approaching the oversold region of the market. The price bars are below the 21-day line SMA and the 50-day line SMA indicating a further decline. The 21-day line and 50-day line moving averages are sloping downward indicating the downtrend. The 21-day line SMA is acting as the resistance line to the price bars.
GBP/USD Medium-term Trend: Ranging
On the Weekly chart, GBP/USD is in a downtrend. On May 9, the bears broke the previous low of level 1.1933. Meanwhile, on May 9 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the Pound will fall but reverse at level 1.272 Fibonacci extension or level 1.1715.
Weekly Chart Indicators Reading
Meanwhile, GBP/USD is below the 20% range of the daily stochastic. The Pound has fallen to the oversold region of the market. The selling pressure will soon reach bearish exhaustion. The 21-day and 50-day SMAs are sloping southward indicating a downtrend.
General Outlook for GBP/USD
The Pound is in a downtrend as it may decline to level 1.1715. According to the Fibonacci tool, the market will reach the low of level 1.1715. Perhaps, the Pound will reverse at level 1.272 Fibonacci extension.
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