GBP/USD Reaches the Oversold Region, Hovers above Level 1.3440

Updated:

Checkmark

Service for copy trading.

Checkmark

High profitable signals.

Checkmark

24/7 cryptocurrency trading.

Checkmark

10 minute setup with significant benefits.

Checkmark

79% Success rate.

Checkmark

Up to 40 trades per month.

Checkmark

Monthly subscriptions begin at £58.


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.

GBP/USD Reaches the Oversold Region, Hovers above Level 1.3440
GBP/USD – Weekly Chart

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.

GBP/USD Reaches the Oversold Region, Hovers above Level 1.3440
GBP/USD – 2 Chart

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.

You can purchase crypto coins here: Buy Coins

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
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • 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
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.