GBPUSD Stuck Around Local Lows – Financial Magazine

Paying attention to the 4-hour chart, you can see that a short-term ‘equilibrium’ has been found in the GBPUSD currency pair on the forex market:

  • on the one hand, at the level of 1.3794, there was a strong resistance for the British pound (GBP),
  • on the other hand, strong support remains at the level of 1.3754.

Now let’s look at the indicators:

  • The currency remains below the moving averages with periods of 34, 55, 89 and 144, which are the range of resistance levels 1.3803, 1.3819, 1.3853 and 1.3945.
  • The MACD histogram is still in the negative zone and slightly below its signal line, but it started moving almost parallel to the time axis 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 lack of a pronounced trend, 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 strong resistance level 1.3794, which can open the way to the levels 1.3821, 1.3880 and 1.39245.

Otherwise, the rate of the GBP / USD currency pair will move within the 1.3754 – 1.3794 price range.

An alternative (‘bearish’) scenario will be ‘activated’ in the event of a breakdown of the strong support level 1.3754, after which the quotes may decline to levels 1.3730, 1.36895 and 1.36695.

Let us remind Forex traders that today they should pay attention to a number of significant events, which can have a noticeable impact on the further course of trading:

  • at 09:00 Moscow time. will be published data on changes in the volume of GDP, as well as industrial production in the UK,
  • at 13:00 Moscow time. Bank of England Governor Andrew Bailey will participate in a high-level panel discussion ‘Digitization, Intangible Assets and Potential Growth in the Post-COVID World’ at the Global Productivity Forum at the OECD’s annual conference.

Resistance levels: 1.3794, 1.3803, 1.3819, 1.3821, 1.3841

Current price: 1.3774

Support levels: 1.3754, 1.3731, 1.36895, 1.36695

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