GBP/USD Resumes Uptrend, Targets Level 1.3606

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 in a downward move. Today, the market declined to level 1.3420 as the pound resumed upward. The current support has been holding since September 29. The current support holds while price fluctuates between levels 1.3420 and 1.3800. The Pound will be in the bullish trend zone if price breaks and sustains above level 1.3800.

GBP/USD – Daily Chart

Daily Chart Indicators Reading:
The Pound is at level 42 of the Relative Strength period 14. It indicates that the market is in the downtrend zone and below the centerline 50. The Pound has the tendency to fall in the bearish trend zone. The moving averages are sloping downward indicating the downtrend. The price bars are below the moving averages.

GBP/USD Medium-term Trend: Bullish
On the 1-hour chart, the pair has broken above the moving averages. Meanwhile, on November 5 uptrend; 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 1.3555.

GBP/USD – 4 Hour Chart

1-hour Chart Indicators Reading
The pair is above the 80% range of the daily stochastic. The pound has fallen to the overbought region of the market. Sellers are likely to emerge in the overbought region to push prices downward. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for GBP/USD
The Pound has risen to the overbought region. The currency price is fluctuating below the recent high. The GBP/USD may decline if sellers emerge in the overbought region.


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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.