GBP/USD Reaches an Oversold Region as the Pair Targets Level 1.2594
Login

GBP/USD Reaches an Oversold Region as the Pair Targets Level 1.2594

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

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 downtrend as the pair targets level 1.2594. The currency pair has declined significantly to the bottom of the chart. The pound is now trading in the oversold region of the market. Today, it has fallen to the low of level 1.2680 at the time of writing. Meanwhile, on March 13 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the Pound will fall to level 61.8 Fibonacci extension or 1.2594. From the price action, the Pound is falling and has reached level 1.2680.

GBP/USD Reaches an Oversold Region as the Pair Targets Level 1.2594
GBP/USD – Daily Chart

Daily Chart Indicators Reading:
The Pound is at level 24 of the Relative Strength Index for period 14. The Pound has fallen considerably as it reaches the oversold region of the market. Buyers are likely to emerge in the oversold region to push prices upward. The 21-day line and 50-day line moving averages are sloping downward indicating the downtrend.


GBP/USD Medium-term Trend: Bearish
On the 4-hour chart, the Pound is in a downtrend zone. The moving averages are sloping southward which acts as resistance to the Pound’s bullish moves. The selling pressure will resume when the pair faces rejection at the moving averages.

GBP/USD Reaches an Oversold Region as the Pair Targets Level 1.2594
GBP/USD – 4 Hour Chart

4-hour Ch.art Indicators Reading
The Pound has fallen below the 20% range of the daily stochastic. It indicates that the pair has reached the oversold region. In other words, selling pressure is likely to end. The Pound will resume its upward move. The 21-day and 50-day SMAs are sloping downward indicating a downtrend.

General Outlook for GBP/USD
The Pound is still in a downward move as the pair targets level 1.2594. According to the price indicator, the market will reach a low of level 1.2594. Presently, the Pound has reached the low of level 1.2670.



You can purchase crypto coins here: Buy LBlock


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News