Strong resistance at 1.41985 in GBPUSD holding back bulls breakout

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

  • since the beginning of the current day, bullish sentiments dominate in the GBPUSD currency pair,
  • at the same time, the bulls do not have enough strength to break through the strong resistance level 1.41985.

Now let’s look at the indicators:

  • The currency rate is again above the moving averages with periods of 55, 34, 89 and 144, which are a number of support levels 1.4162, 1.41585, 1.4138 and 1.40525.
  • The MACD histogram is still 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).
  • The Stochastic Oscillator is near the border of the overbought area and is not currently generating clear signals, since the% K line moves almost parallel to the time axis.

Since trusting only one clear signal is extremely risky, and also due to a slowdown in the growth of quotations, 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 1.41985, which can open the way to levels 1.4241, 1.42775 and 1.43445.

Otherwise, the bears may seize the initiative, and their targets will be the levels 1.41375, 1.4105 and 1.40655.

Resistance levels: 1.41985, 1.4210, 1.4233, 1.4241, 1.42775, 1.43445, 1.4376

Current price: 1.4196

Support levels: 1.4175, 1.4162, 1.41585, 1.41375, 1.41185, 1.4105, 1.4089, 1.4077, 1.40655

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Libertex [CPS] WW



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