A reversal in the pound / dollar pair? – ForTrader.org financial magazine

Paying attention to the 4-hour chart, you will notice that:

  • from early morning, bullish sentiments dominate in the GBPUSD currency pair,
  • at the same time, the growth of quotations slowed down near the level of 1.38565.

Now let’s look at the indicators:

  • The exchange rate has consolidated significantly above the moving averages with periods of 144, 89, 55 and 34, which are now a range of support levels 1.3798, 1.3783 and 1.37685 / 675.
  • The MACD histogram is still in the positive zone and is already above its signal line, continues to grow intensively and thus gives a signal to buy the British pound (GBP).
  • The Stochastic Oscillator is in the overbought zone and is not forming clear signals at the moment, since the% K line almost crossed with the% D line.

Since it is extremely risky to trust only one clear signal, and also due to the fact that the growth of quotations has slowed down, then as a confirmation that bullish sentiments in the forex market in this currency pair may again increase, it is necessary to wait for the breakdown of the level of 1.38565, which may open the way to levels 1.3902 and 1.39565.

Otherwise, the bears may seize the initiative, and their targets will be the levels 1.37955 and 1.37535.

Resistance levels: 1.38565, 1.3902, 1.3918, 1.39565

Current price: 1.3851

Support levels: 1.3833, 1.3808, 1.3798, 1.37955, 1.3786 / 83

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