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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 pair is in an uptrend. The current uptrend has broken the resistance at level 1.4241. The Pound will reach level 1.4400 if the bullish momentum is sustained. Meanwhile, in the uptrend of May 10, a retraced candle body tested the 61.8%% Fibonacci retracement level. The retracement indicates that the pair is likely to rise to level 1.618 Fibonacci extension or level 1.4340.
Daily Chart Indicators Reading:
The 21-day and 50-SMAs are sloping upward indicating the uptrend. The pair has a bullish crossover as the 21-day SMA crosses above the 50-day SMA. The Pound is at level 62 of the Relative Strength period 14. It indicates that the pair is in the uptrend zone.
GBP/USD Medium-term Trend: Ranging
On the 4-hour chart, the pair has resumed an uptrend. The currency pair has broken the previous resistance level. The price is above the 21-day and the 50 SMAs which suggest that the market will rise. On May 27 uptrend; a retraced candle body tested the 38.2 % Fibonacci retracement. The retracement indicates that the Pound will rise to level 2.618 Fibonacci extension or level 1.4432.
4-hour Chart Indicators Reading
GBP/USD is above the 80% range of the daily stochastic. It indicates that the Pound is in a bullish momentum and also reached the overbought region of the market. The 21-day and 50-day SMAs are sloping upward indicating the upward move.
General Outlook for GBP/USD
GBP/USD pair has resumed uptrend if the bullish momentum is sustained. If price breaks the resistance the sideways move will end. According to the Fibonacci tool analysis, the pair will rise to level 1.4432.
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