GBP/USD Reaches Oversold Region as It Declines to Level 1.0966
Login

GBP/USD Reaches Oversold Region as It Declines to Level 1.0966

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

Technical indicators:
Major Resistance Levels – 1.2800, 1.2900, 1.3000
Major Support Levels – 1.1900, 1.1800, 1.1700

GBP/USD Long-Term Analysis: Bearish
GBP/USD is in a downtrend as it declines to level 1.0966. On September 12, buyers failed to keep the price above the 21-day line SMA. This resulted in a further downward move. Meanwhile, on September 7 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that the Pound will fall to level 2.0 Fibonacci extension or level 1.0958.

GBP/USD Reaches Oversold Region as It Declines to Level 1.0966
GBP/USD – Daily Chart

GBPUSD Indicator Analysis
GBPUSD is at level 20 of the Relative Strength Index for period 14. It indicates that the Pound has fallen to the oversold region of the market. The selling pressure has reached bearish exhaustion. The currency price bars are below the moving average lines which indicates further decline. The pair is below the 20% range of the daily stochastic. This has confirmed that the Pound has reached the oversold.


What Is the Next Direction for GBP/USD?
On the 4-hour chart, the Pound is in a downward move as it declines to level 1.0966. On September 22, the Pound failed to break above the 21-day line SMA. This has caused the currency pair to decline. Meanwhile, on the September 22 downtrend, a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement suggests that the Pound will fall to level 1.618 Fibonacci extension or level 1.0624. From the price action, the pair has fallen beyond the target price level.

GBP/USD Reaches Oversold Region as It Declines to Level 1.0966
GBP/USD – Weekly Chart

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

  • 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