Bears in GBPUSD hit the support level at 1.3900

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

  • from about the middle of the American session on Thursday, bearish sentiments have been dominating in the GBPUSD currency pair,
  • at the same time, the bears do not have enough strength to break the ’round’ level 1.3900.

Now let’s look at the indicators:

  • The currency rate is sandwiched between the moving average with a period of 144 (resistance level 1.39445) on the one hand and the average with a period of 55 (support level 1.3904) on the other, and at the moment it has practically merged with the averages with periods of 89 and 34.
  • The MACD histogram is still in the positive zone, but already slightly below its signal line, continues to decline very smoothly and thus gives a signal to sell the British pound (GBP).
  • Stochastic Oscillator is in the neutral zone and is giving a similar signal, as the% K line falls below the% D line.

Despite two identical and clear signals, as a confirmation that bearish sentiments may increase in the forex market in this currency pair, it is necessary to wait for the breakdown of the ’round’ level 1.3900, which may open the way to the levels 1.3856, 1.3827 and 1.37775 / 75.

Otherwise, the bulls can seize the initiative, and their targets will be the levels 1.3960, 1.3994 and 1.40165.

Resistance levels: 1.39445, 1.3960, 1.3994, 1.4004, 1.40165, 1.4064

Current price: 1.3909

Support levels: 1.3904, 1.3900, 1.3856, 1.3827, 1.38085, 1.37875, 1.37775 / 75

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