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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 pair is in a downward move. Previously, the Pound was fluctuating in a tight range between levels 1.4100 and 1.4200. The bears broke the lower price range as the pair fell to level 1.3810. The bulls bought the dips as the altcoin resumed upward. The price has broken above the 21-day SMA. A break above the SMAs will catapult the Pound to rise on the upside.
Daily Chart Indicators Reading:
The Pound is at level 41 of the Relative Strength period 14. It indicates that the market has fallen to the bearish trend and capable of falling on the downside. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.
GBP/USD Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move. The Pound broke below the lower price range and resumed downward. The pair is resuming upward as it fell into the oversold region. In the oversold region, buyers emerge to push prices upward.
4-hour Chart Indicators Reading
GBP/USD is approaching the overbought region above the 80% range of the daily stochastic. The Pound is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the upward move. The current upward move has broken above the 21-day SMA.
General Outlook for GBP/USD
GBP/USD pair was earlier in a downward. The uptrend is approaching the overbought region. The current rally is likely to subside as the market reaches the overbought region.
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