Gloomy Outlook Weighs on GBPUSD Beneath the 1.2400 Mark

Gloomy Outlook Weighs on GBPUSD Beneath the 1.2400 Mark

GBPUSD Price Analysis – April 26

For the 3rd day in a row, the GBPUSD pair posted a modest advance, but stayed within recognizable levels and ended the week in the red. During the last European session, the pound came underneath downward pressure as gloomy outlook weighs on GBPUSD beneath 1.2400 marks.

Key Levels
Resistance Levels: 1.3514, 1.3050, 1.2647
Support Levels: 1.2163, 1.1792, 1.1409

GBPUSD Long term Trend: Ranging

The plunge in GBPUSD from last week’s level of 1.2647 was well above 1.2195 support level. There is no evidence of tops currently as this week’s initial bias holds firm. On the contrary, the 1.2163 level breach may mean that the recovery from the 1.1409 level is finished.

Although the recovery from level 1.1409 is significant in the larger sense, there is no sign of trend reversal so far. Sooner or later the downward trend from 2.1161 (high) may continue. Under either scenario, the trend may stay bearish as long as the resistance level of 1.3514 stays intact in the event of a strong recovery.

GBPUSD Short term Trend: Ranging

The pair is neutral in the 4-hour chart, confined to a close range of aimless moving averages, as technical indicators traverse their midlines. Bears may assume on the revived momentum of selling pushing the pair beneath 1.2350 handles.

For a second consecutive week, the GBPUSD pair has rebounded from about 1.2300 level but were unable to progress beyond the 1.2400 level. Intraday bias may be altered back to the downside to re-test low level 1.1409. On the contrary, the rebound can be increased instead by a break of 1.2647 level.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.