GBP/USD Rebounds Above Level 1.3010, May Face Resistance at 1.3078

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 but may face resistance at 1.3078. The Pound reached the low of level 1.3000 as bulls bought the dips. The currency is making an upward move as the market reaches an oversold region. Meanwhile, on January 27 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the Pound will fall to level 2.0 Fibonacci extension or 1.2989. From the price action, the Pound has retested level 2.0 Fibonacci extension and resumed upward.

GBP/USD Rebounds above Level 1.3010, May Face Resistance at 1.3078
GBP/USD – Daily Chart

Daily Chart Indicators Reading:
The Pound is at level 32 of the Relative Strength Index for period 14. The market reaches the oversold region of the market and it is resuming upward. Buyers are emerging to push the pair 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. The pair has fallen to the oversold region of the market. Meanwhile, on February 24 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 extensions or 1.30380. The Pound has reversed above level 1.618 Fibonacci extensions.

GBP/USD Rebounds above Level 1.3010, May Face Resistance at 1.3078
GBP/USD – 4 Hour Chart

4-hour Ch.art Indicators Reading
The Pound is above the 30% range of the daily stochastic. It indicates that the market is in a bullish momentum. The 21-day and 50-day SMAs are sloping southward indicating the downtrend.

General Outlook for GBP/USD
GBP/USD is in an upward move as it reaches the high of 1.3055 but may face resistance at 1.3078. The current uptrend is likely to face the resistance at the recent high.

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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.