Breakdown of 1.4179 resistance in GBPUSD will strengthen the position of the bulls – ForTrader.org Financial Magazine


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

  • at the level of 1.41375, there was a strong support for the British pound (GBP),
  • from Monday afternoon, bullish sentiments dominate in the GBPUSD currency pair,
  • at the same time, the bulls do not have enough strength to break the mirror level 1.4179.

Now let’s look at the indicators:

  • The currency rate is above the moving averages with periods of 34, 55, 89 and 144, which are a number of support levels 1.4163, 1.41295, 1.4078 and 1.4007.
  • The MACD histogram is in the positive area, but has merged with its signal line and is not giving clear signals at the moment.
  • Stochastic Oscillator is in the neutral zone and is giving a buy signal for the British pound (GBP), as the% K line rises above the% D line.

Since trusting only one clear signal is extremely risky, and also due to the fact that the growth of quotations has slowed down, then as a confirmation that bullish sentiments may increase in the forex market in this currency pair, it is necessary to wait for the breakdown of the mirror level 1.4179, which may open the way to levels 1.4206 and 1.4241.

Otherwise, the bears may seize the initiative, and their targets will be levels 1.41375 and 1.41105.

Resistance levels: 1.4179, 1.4206, 1.4233, 1.4241, 1.42775

Current price: 1.4178

Support levels: 1.4166 / 63, 1.41375, 1.41295, 1.41105, 1.4100

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