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

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RESULTS

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.

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.

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.

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