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

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.



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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.