GBP/USD Retest Level 1.4000, Uptrend Likely

Azeez Mustapha
7 September 2021 | Updated: 7 September 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: Ranging
GBP/USD has resumed upward move to retest level 1.4000 resistances. Buyers have made two attempts to break above the resistance level. The current uptrend is facing resistance at level 1.3868. The current resistance is expected to find support above the 21-day SMA. Meanwhile, on the August 27 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the Pound is likely to rise to level 2.0 Fibonacci extensions or level 1.3948.

GBP/USD – Daily Chart

Daily Chart Indicators Reading:
GBP/USD is at level 54 of the Relative Strength period 14. It implies that the pair is in the uptrend zone and above the centerline50. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways move. The pair is capable of rising on the upside.

GBP/USD Medium-term Trend: Bullish
On the 4-hour chart, the pair is rising to break above the resistance at level 1.4000. In the previous attempt, the pair was resisted the overhead resistance. Meanwhile, on the August 27 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the Pound is likely to rise to level 2.0 Fibonacci extensions or level 1.3876.

GBP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The Pound is above the 40% range of the daily stochastic. The market is in bullish momentum. The market is rising to retest the previous high. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for GBP/USD
GBP/USD is an upward move. Buyers are still struggling below the overhead resistance to breaking above it. The break above the resistance will catapult the pair to a new high. According to the Fibonacci tool, the pound will rise to level 50 Fibonacci extensions or level 1.3876.

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Azeez Mustapha

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.