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 had been in an uptrend. The pair is currently retracing to the previous low. The price has broken the 21-day SMA but it is approaching the 50-day SMA. Once the price breaks the 50-day SMA, the market may further decline. On the other hand, if price finds support above 50-day SMA, the selling pressure is exhausted.
Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward indicating the upward move. The pair has fallen to level 47 of the Relative Strength Index period 14. This indicates that the Yen is in the downtrend zone and below the centerline 50.
GBP/USD Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. On March 2 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The Yen is likely to fall to level 1.272 Fibonacci extensions or the low of level 1.3758 and reverse.
4-hour Chart Indicators Reading
The GBP/USD pair is currently above the 25% range of the daily stochastic. It indicates that the pair is in a bullish momentum. . The SMAs are sloping horizontally.
General Outlook for GBP/USD
The GBP/USD is presently retracing. The retracement has reached bearish exhaustion. According to the Fibonacci tool analysis, the pound will reverse at level 1.272 Fibonacci extension or 1.3758.
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