GBP/USD Resumes Uptrend but Faces Rejection at Level 1.3650

5 October 2021 | Updated: 5 October 2021

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 has been in a downward move. The currency pair has reached bearish exhaustion as it fell to the low of level 1.3500. On September 29, the pair broke below 1.3500 support and pulled back. Buyers are attempting to resume an uptrend. Meanwhile, on September 23 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the pair is likely to fall but reverse at level 1.272 Fibonacci extension or level 1.3526.

GBP/USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day and 50-SMAs are sloping downward indicating the downtrend. The pair is at level 44 of the Relative Strength period 14. It indicates that the market is in the downtrend zone and below the centerline 50.

GBP/USD Medium-term Trend: Bullish
On the 4-hour chart, the pair is in a brief uptrend. The upward move is facing resistance at level 1.3650. Presently, the altcoin is retracing to the downside. Meanwhile, on October 1 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the pair is likely to rise to level 1.272 Fibonacci extension or level 1.3604.

GBP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The pair is above the 80% range of the daily stochastic. The stochastic bands are sloping downward. It indicates that the market is in a bearish momentum. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for GBP/USD
The GBP/USD has resumed an upward move. The bearish trend has subsided. The upward move is facing resistance at level 1.3650. The market will retrace to 78.6% Fibonacci retracement or level 1.3604 where it originated.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.