GBP/USD Resumes Upward Move, Targets Level 1.4909

GBP/USD Resumes Upward Move, Targets Level 1.4909

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
The British Pound downtrend has been terminated on March 24 as bulls bought the dips. The pair has been in an upward movement since March 25. The pair’s price has broken above the SMAs.On March 5, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement implies that the pound will rise to 2.618 Fibonacci extensions or level 1.4909.

GBPUSD – Daily Chart

Daily Chart Indicators Reading:
The 21-day and 50-SMAs are sloping upward. The pair has risen to level 55 of the Relative Strength Index period 14. This indicates that the Pound is in the uptrend zone and capable of rising on the upside.

GBP/USD Medium-term Trend: Bullish
On the 4-hour chart, the pair has resumed an upward move. On April 2, 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 1.3906. From the price action, the market is testing the Fibonacci level at 1.618.

GBP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The GBP/USD pair is currently above the 80% range of the daily stochastic. It indicates that the pair is in the overbought region. Sellers are likely to emerge. The SMAs are sloping northward indicating the uptrend.

General Outlook for GBP/USD
The GBP/USD is now in an upward move. The daily stochastic is indicating that the pair is in the overbought region of the market. However, the pound will continue to rise in a trending market. The overbought condition may not hold in a trending market.

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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.