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Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000
GBP/USD Price Long-term Trend: Bearish
GBP/USD is in a downtrend as bears revisit level 1.1933 twice. The bears are re-retesting the current support to break below it. On the downside, the downtrend will resume if the bears break the current support. The pound will further decline to the low of level 1.1288. On the upside, buyers will attempt to push the pair to the previous highs if the current support holds but the pound will face resistance at the 21-day line SMA. The bearish trend will now ensue.
Daily Chart Indicators Reading:
GBP/USD is at level 34 of the Relative Strength Index for period 14. The Pound is in the downtrend zone and it is approaching the oversold region of the market. The price bars are below the 21-day line SMA and the 50-day line SMA indicating a further decline. The 21-day line and 50-day line moving averages are sloping downward indicating the downtrend.
GBP/USD Medium-term Trend: Ranging
On the Weekly chart, GBP/USD was in a downtrend. On May 9, the bears broke the previous low of level 1.1933. Meanwhile, on May 9 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the Pound will rise but reverse at level 1.272 Fibonacci extension or level 1.1743.
Weekly Chart Indicators Reading
Meanwhile, GBP/USD is below the 20% range of the daily stochastic. The Pound has fallen to the oversold region of the market. The 21-day and 50-day SMAs are sloping horizontally indicating a sideways move.
General Outlook for GBP/USD
GBP/USD is in a downtrend as bears revisit level 1.1933 twice. The Pound will further decline if the bears break below the current support. The Fibonacci tool has indicated further downward move for currency pair.
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