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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 as it battles resistance at level 1.2600. The Pound is above the 21-day line SMA but below the 50-day line SMA indicating a possible range-bound move between the moving averages. On the upside, if price breaks above the 50-day line SMA, the market will resume the uptrend. Nonetheless, if the bulls fail to break the 50-day line SMA, the pair will continue to be in a range-bound move between the moving averages.
Daily Chart Indicators Reading:
The Pound is at level 49 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The price bars are above the 21-day line SMA but below the 50-day line SMA. The 21-day line and 50-day line moving averages are sloping downward indicating the downtrend.
GBP/USD Medium-term Trend: Bullish
On the 4-hour chart, the Pound is in an uptrend as price breaks above the moving averages. Today, the pair rallied to the high of level 1.2601 but was repelled. The market retraced above the moving averages. The Pound has begun a fresh uptrend. Meanwhile, on May 23 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the Pound will rise to level 2.0 Fibonacci extension or 1.2853.
4-hour Chart Indicators Reading
Meanwhile, the market is above the 50% range of the daily stochastic. The pair is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating an uptrend. The price bars are above the moving averages indicating a possible rise of the pair.
General Outlook for GBP/USD
GBP/USD has regained bullish momentum as the market resumes upward but battles resistance at level 1.2600. The bulls have to break the resistance at level 1.2600 to resume an uptrend. In the previous price action, the Pound faced rejection at the resistance level.
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