GBP/USD Resumes Upward Move, Targets Level 1.4353 High

GBP/USD Resumes Upward Move, Targets Level 1.4353 High

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 is rising upward. However, the upward move is facing resistance on the upside. Recently, the currency pair was resisted on May 11 as the Pound fell to level 1.4050 low. Today, the Pound is rising to retest the resistance level. On May 11 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 1.4258 and reverse.

GBP/USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day and 50-SMAs are sloping upward indicating the uptrend. The Pound is at level 64 of the Relative Strength period 14. It indicates that the pair is in the uptrend zone and it is approaching the overbought region of the market.

GBP/USD Medium-term Trend: Ranging
On the 4-hour chart, the pair is in a sideways move below the resistance. The bulls are retesting the resistance at 1.4150 for the third time. On May 10 uptrend; a retraced candle body tested the 61.8 % Fibonacci retracement. The retracement indicates that the Pound will rise to level 1.618 Fibonacci extension or level 1.4353.

GBP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The Pound is currently above the 80% range of the daily stochastic. The market is approaching the overbought region. The pair is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the upward move.

General Outlook for GBP/USD
The GBP/USD is trading in a sideways trend. Since February, the Pound has been trading below level 1.4180. Each time this resistance is broken, the bullish momentum is not sustained. This is because there is a lack of buying power at higher price levels.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.