GBPUSD bears take temporary respite – ForTrader.org financial magazine


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

  • on Wednesday trading, the breakdown of the support level 1.4179 led to a significant increase in bearish sentiment, and the development of our targets (1.41505, 1.41295 and 1.4106) ended at the end of the American session,
  • the decline in GBPUSD quotations slowed down only in the area of ​​the ’round’ level of 1.4100, after which consolidation began.

Now let’s look at the indicators:

  • The currency rate is still above the moving averages with periods of 55, 89 and 144, which are a number of support levels 1.41025, 1.4021 and 1.3976, and at the moment it has practically merged with the average with a period of 34.
  • The MACD histogram is still in the positive area, but already below its signal line, continues to decline smoothly and thus gives a signal to sell the British pound (GBP).
  • The Stochastic Oscillator is in the oversold area and is currently not generating clear signals, since the% K line moves parallel to the time axis.

Despite only one clear signal, we expect pressure on the British pound (GBP) to resume, with potential bearish targets at 1.4089, 1.40655 and 1.4029.

Cancellation of the ‘bearish scenario’ will occur in case of a breakdown of the resistance level 1.41205, which may open the way to the levels of 1.41505, 1.4179 and 1.42105.

Resistance levels: 1.41205, 1.41295, 1.41505, 1.4166, 1.4179, 1.41925, 1.42105

Current price: 1.4113

Support levels: 1.41025 / 00, 1.4089, 1.4077, 1.40655, 1.4049, 1.4029 / 21, 1.4003

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