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.
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.
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.
You can purchase crypto coins here: Buy Coins
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
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
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.