GBP/USD Rebounds above Level 1.3160, Targets Level 1.3800

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 pair has been in a downtrend since May as it targets level 1.3800. The selling pressure has reached bearish exhaustion. The Pound fell to the low of level 1.3160 and rebounded. The pair is rising to the upside. The current downward correction is likely to be over if buyers push the currency pair above level 1.3800. Meanwhile, the Pound has risen to level 1.3448 at press time. Meanwhile, on July 19 downtrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement indicates that GBP/USD is likely to fall to level 1.618 Fibonacci extension or level 1.3171. From the price action, the currency pair has rebounded above level 1.3160 to resume upward.

GBP/USD Rebounds above Level 1.3160, Targets Level 1.3800
GBP/USD – Weekly Chart

Daily Chart Indicators Reading:
The Pound is in an upward move as it reaches level 45 of the Relative Strength Index period 14. It indicates that the Pound is in the downtrend zone and below the centerline 50. The price bars are below the 21-day line and 50-day line SMAs are sloping southward.

GBP/USD Medium-term Trend: Bullish
On the 4- hour chart, the pair has resumed an uptrend. The currency price has broken above the moving averages. The market has risen to the overbought region of the market. Meanwhile, on December 23 uptrend; a retraced candle body tested the 78.6 % Fibonacci retracement level. The retracement indicates that GBP/USD is likely to rise but reverse at level 1.272 Fibonacci extension or level 1.3503.

GBP/USD Rebounds above Level 1.3160, Targets Level 1.3800
GBP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is above the 80% range of the daily stochastic. The currency pair has reached the overbought region as sellers may emerge to push prices down. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for GBP/USD
The Pound has regained bullish momentum as it it targets level 1.3800. The currency price is approaching the overbought region of the market. The implication is that the Pound will fall again to the downside.

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
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 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
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
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.