GBP/USD Resumes Selling Pressure, Faces Rejection at Level 1.3150
Login

GBP/USD Resumes Selling Pressure, Faces Rejection at Level 1.3150

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

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 still in a downward move as it faces rejection at level 1.3150. On April 14, the pair faced rejection at level 1.3143 indicating further downward movement of the pair. Meanwhile, on March 13 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the Pound will fall to level 61.8 Fibonacci extension or 1.2601.

GBP/USD Resumes Selling Pressure, Faces Rejection at Level 1.3150
GBP/USD – Daily Chart

Daily Chart Indicators Reading:
The Pound is at level 40 of the Relative Strength Index for period 14. The pair is still trading in the downtrend zone and capable of a further downward move. The price bars are below the moving averages indicating a further downward move. 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. On April 14, the Pound rallied above the moving averages but was repelled at level 1.3150. The rejection caused a further downward movement in prices. Meanwhile, on March 14 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the Pound will fall to level 61.8 Fibonacci extension or 1.2967.

GBP/USD Resumes Selling Pressure, Faces Rejection at Level 1.3150
GBP/USD – 4 Hour Chart

4-hour Ch.art Indicators Reading
The Pound has fallen above the 40% range of the daily stochastic. The stochastic bands are sloping horizontally indicating the sideways move. The 21-day and 50-day SMAs are sloping downward indicating a downtrend.

General Outlook for GBP/USD
The currency pair is likely to continue the downtrend as it faces rejection at level 1.3150. The selling pressure will extend to either level 1.2967 or 1.2601 price levels.

You can purchase crypto coins here: Buy LBlock


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
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News