GBP/USD Retraces After Rejection From Level 1.4000

GBP/USD Retraces After Rejection From Level 1.4000

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 had been in an uptrend. The pair has been facing rejection at level 1.4200. On February 24 uptrend, a retraced candle body tested the 38.2% Fibonacci retracement level. This retracement indicates that the Pound will rise to level 2.618 Fibonacci extension or the high of level 1.5303.

GBP/USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward indicating the upward move. The pair has fallen to level 52 of the Relative Strength Index period 14. This indicates that the Pound is in the uptrend zone and above the centerline 50.

GBP/USD Medium-term Trend: Bearish
On the 4-hour chart, the pair is retracing. On March 12 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The Yen is likely to fall to level 2.0 Fibonacci extensions or the low of level 1.3722.

GBP/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The GBP/USD pair is currently below the 50% range of the daily stochastic. It indicates that the pair is in a bearish momentum. . The SMAs are sloping upward indicating the previous trend.

General Outlook for GBP/USD
The GBP/USD is presently retracing. The selling pressure may reach the low of 1.3722 before the resumption of uptrend.



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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.