GBPUSD Is Stuck Between Moving Averages Beneath 1.2600 As Rejection Kicks In

GBPUSD Is Stuck Between Moving Averages Beneath 1.2600 As Rejection Kicks In

GBPUSD Price Analysis – July 19

The GBPUSD exchange rate had earlier attempted to reach 1.2647 level. The rate closed at 1.2563 levels during the prior session. Some selling potential may probably emerge in the market as the moving average 5 pressures the currency pair, as well as the moving average 13 in the 1.2560 regions.

Key Levels
Resistance Levels: 1.3514, 1.2812, 1.2647
Support Levels: 1.2500, 1.2251, 1.1409
GBPUSD Long term Trend: Ranging
Although the recovery from the 1.1409 level is significant in the wider context, there isn’t enough confirmation for a trend reversal. Sooner or later the downward trend from the level 2.1161 (high) may well continue.

Nonetheless, a decisive breach of 1.3514 level might at least indicate bottoming in the medium to long term and switch overbullish trend for 1.4000 level of resistance instead.
GBPUSD Short term Trend: Ranging
Last week, GBPUSD remained beneath 1.2647 level in consolidation and trend remains intact. For yet more side-trading this week, initial bias stays neutral first. On the positive, the 1.2647 level breach may begin the recovery from 1.2251 to 1.2813 levels next.

However, on the downside, a breach of 1.2500 minor support level may transform bias to the downside for the 1.2251 support level to be re-tested.

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

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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.