GBP/USD Risks Further Decline as Bears Revisit Level 1.1933 Twice

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors


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.

GBP/USD Risks Further Decline as Bears Revisits Level 1.1933 Twice
GBP/USD – Daily Chart

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.

GBP/USD Risks Further Decline as Bears Revisits Level 1.1933 Twice
GBP/USD – Weekly Chart

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.


You can purchase crypto coins here: Buy LBlock


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.