GBPUSD traders take a cautious stance

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

  • from the premarket of the European session, the bulls are trying to develop an offensive,
  • at the same time, they have a strong resistance level 1.3914 in their way.

Now let’s look at the indicators:

  • The exchange rate has consolidated above the moving averages with periods of 34, 55, 89 and 144, which are now a number of support levels 1.3898, 1.38935, 1.3891 and 1.3849.
  • The MACD histogram is in the positive area and slightly above its signal line, continues to rise smoothly and thus gives a signal to buy the British pound (GBP).
  • Stochastic Oscillator headed towards the overbought zone and is forming a similar signal, although it is not clear yet, since the% K line only crossed the% D line upward, but has not yet begun to rise above it.

Since it is extremely risky to trust only one clear signal, then as confirmation that bullish sentiments may increase in the GBPUSD currency pair on the Forex market, it is necessary to wait for the breakdown of the strong resistance level 1.3914, which can open the way to the levels 1.3964, 1.3981 and 1.40025.

Otherwise, the bears may seize the initiative, and their targets will be the levels 1.38495, 1.3802 and 1.3755.

We remind forex traders that today at 14:00 Moscow time. the results of the meeting of the Bank of England will become known; at the same time, the monetary policy summary and the Bank of England’s monetary policy report will be published. The listed publications can have a significant impact on the further course of trading.

Resistance levels: 1.3914, 1.39205, 1.39385, 1.39525, 1.3964, 1.3976, 1.3981, 1.40025, 1.40085

Current price: 1.3905

Support levels: 1.3898, 1.38935 / 925/91, 1.3885, 1.38495, 1.3833, 1.3802, 1.3786, 1.3755, 1.3715

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