GBP/USD Resumes an Uptrend, Targets Level 1.3800

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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: Bullish
GBP/USD is now in an upward move but targets level 1.3800. Before the uptrend, the Pound was in a downtrend. On November 11 downtrend; a retraced candle body tested the `78.6% Fibonacci retracement level. The retracement suggests the Pound will fall but reverse at level 1.272 Fibonacci extension or 1.3226. The bear trend has been reversed. On the daily chart, the bulls have broken above the moving averages on December 22. After that, the pair commenced resumption of the uptrend. GBP/USD has risen to the high of level 1.3590 at press time.

Daily Chart Indicators Reading:
The Pound is at level 64 of the Relative Strength period 14. The Pound is in the uptrend zone and above the centerline 50. The pair is likely to continue the upward move. The currency prices are above the moving averages which indicate a further upward move. The 21-day SMA and 50-day SMA are sloping upward.


GBP/USD Medium-term Trend: Bullish
On the 4-hour chart, the pair is in an uptrend. It is in a smooth uptrend. The currency price is making a series of higher highs and higher lows. The current uptrend is finding penetration difficult at the level of 1.3590. The uptrend will resume when the resistance at 1.3590 is breached. Otherwise, the pair will fall.

4-hour Chart Indicators Reading
GBP/USD is above the 75% range of the daily stochastic. It is in a bullish momentum and the 21-day and 50-day SMAs are sloping upward indicating the uptrend. The uptrend will terminate if price breaks below the moving averages or the trend line.

General Outlook for GBP/USD
The Pound has resumed its upward move but targets level 1.3800. The current uptrend has reached the high of level 1.3590 which is in an overbought region of the market. The uptrend will continue if the resistance level is breached.

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