Sellers Regain Momentum on GBPUSD Beneath the 1.2300 Level

GBPUSD Price Analysis – April 5

The GBPUSD pair concluded the prior week with a loss to 1.2263 level, though at the peak of respective prior weekly levels. On Friday the pair declined to 1.2205 level as sellers recovered momentum beneath 1.2300 level, though the greenback demand seemed relatively strong.

Key Levels
Resistance Levels: 1.3514, 1.3172, 1.2506
Support Levels: 1.2129, 1.1958, 1.1409

GBPUSD Long term Trend: Ranging

The pair holds on to a bare moving average of 13 in the daily chart, while the daily RSI loses its power upwards after crossing the middle lines. The downward trend from 1.3514 (high) level is still underway in the larger context in general.

A 61.8% forecast for 1.3700 to 1.1958 from 1.3514 at 1.1409 levels may be the next medium to long term goal. The trend may stay bearish-like in any case, for a strong rebound, as long as 1.3514 level of resistance persist.

GBPUSD Short term Trend: Ranging

The pair is neutral-to-bearish in the shorter term, and according to the 4-hour chart, trading marginally below its moving average of 5 and 13, although technical indicators stay within negative levels, with no apparent directional momentum.

On the upside, a continuous break of 61.8 percent from 1.3172 to 1.1409 at 1.2506 levels may increase the likelihood of a greater reversal and shift the emphasis first to 1.3172 levels of resistance. On the downside, the break of 1.2129 minor support level may indicate the conclusion of the rebound from the level of 1.1409 and transform bias to the downside for a low level of 1.1409 retests.

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