GBPUSD is sandwiched between strong support and resistance levels

Paying attention to the 4-hour chart, you can see that in the forex market in the GBPUSD currency pair, the ‘equilibrium’ is maintained:

  • on the one hand, at 1.38525, there is strong resistance for the British pound (GBP),
  • on the other hand, there is a strong support at 1.3800.

Now let’s look at the indicators:

  • The currency remains markedly below the 34, 55, 89 and 144 moving averages, which are directed downward and indicate continued bearish sentiment (in the medium term), as well as a range of resistance levels 1.38795, 1.38855, 1.39555 and 1.40325.
  • The MACD histogram is still in the negative zone, almost crossed with its signal line and is not giving clear signals at the moment.
  • The Stochastic Oscillator has returned to the oversold area and is also not forming clear signals, since the% K line almost crossed with the% D line.

Due to the lack of clear signals, as well as a pronounced trend, 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 strong support level 1.3800, which can open the way to the levels 1.3749 and 1.36895.

Otherwise, the bulls may seize the initiative, and their targets will be the levels 1.38525 and 1.39245.

We remind forex traders that today the Governor of the Bank of England Andrew Bailey:

  • at 11:00 Moscow time. will deliver a speech at a financial and professional services event at the Mansion House, London,
  • at 12:00 Moscow time. will deliver an opening speech at the launch of Plain Numbers, virtually hosted by the Bank of England.

Unexpected statements can have a significant impact on the further course of trading.

Resistance levels: 1.3827, 1.3842, 1.38525, 1.3879, 1.38855, 1.39245

Current price: 1.3809

Support levels: 1.3800, 1.3791, 1.3784, 1.3749, 1.36895, 1.36695

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