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 is trading below the moving averages but hovers above level 1.3440. Meanwhile, on September 27, 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 1.2902.
Weekly Chart Indicators Reading:
The Pound is at level 45 of the Relative Strength for period 14. It indicates that the Pound is in the downtrend and below the centerline of 50. The 21-day SMA and 50-day SMA are sloping downward indicating the downtrend. The pair has a bearish crossover. That is, the 21-day SMA crosses below the 50-day SMA indicating a sell order.
GBP/USD Medium-term Trend: Bearish
On the 2-hour chart, the Pound is in a downtrend. The bearish trend has broken below the moving averages. Meanwhile, on January 18 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 1.3462.
2-hour Chart Indicators Reading
The Pound is above the 25% range of the daily stochastic. The market has resumed bullish momentum. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.
.General Outlook for GBP/USD
The Pound was in an oversold region of the market but hovers above level 1.3440. In the meantime, the market is resuming upward. Buyers are likely to emerge in the oversold region to push prices upward.
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