GBP/USD Retraces on the Downside, May Find Support Above Level 1.3807

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 market is still retracing after the recent rejection at level 1.4200. It is likely the retracement will find support above the 21-day SMA or the trend line. In the previous price action, the pair retraced to the 21-day SMA support and resumed the uptrend.

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward indicating the upward move. The pair has risen to level 72 of the Relative Strength Index period 14. This indicates that the Yen is in the uptrend zone and above the centerline 50.

GBP/USD Medium-term Trend: Bullish
On the 4-hour chart, the pair is falling after recent rejection. On February 26 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The Yen is likely to fall to level 1.272 Fibonacci extensions or the low of level 1.3807.

4-hour Chart Indicators Reading
The GBP/USD pair is currently above the 25% range of the daily stochastic. It indicates that the pair is in a bullish momentum. . The SMAs are sloping upward indicating the uptrend.

General Outlook for GBP/USD
The GBP/USD is in an uptrend. The Pound is currently retracing on the downside. According to the Fibonacci tool analysis, the pound will retrace to level 1.272 or 1.3807 and reverse.

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