Chicago 12, Melborne City, USA

GBP / USD Upward Correction Terminates as It May Revisit the 1.1933 Low

Key Resistance Levels: 1.4200, 1.4400, 1.4600
Key Support Levels: 1.3400, 1.3200, 1.3000

GBP / USD Price Long-term Trend: Bearish
GBP / USD is in a downtrend as it may revisit the 1.1933 low. The bulls could not break above the moving averages to resume the uptrend. On June 14, the currency pair fell to the low of 1.1933 and resumed upward correction. The upward correction has been terminated at the 21-day line SMA as the Pound resumed selling pressure. The pair will fall and revisit the previous low at level 1.1933. It will further decline if the previous low is breached.

GBP / USD – Daily Chart

Daily Chart Indicators Reading:
GBP / USD is at level 41 of the Relative Strength Index for period 14. The Pound is in the downtrend zone and capable of falling to the downside. The price bars are below the 21-day line SMA and the 50-day line SMA indicating a further decline. The 21-day line and 50-day line moving averages are sloping downward indicating the downtrend.

GBP / USD Medium-term Trend: Ranging
On the 4-hour chart, GBP / USD was in a sideways move. The Pound is in a sideways move between 1.2100 and 1.2400 price levels. The price action is characterized by small body indecisive candlesticks.

GBP / USD Upward Correction Terminates as It May Revisit the 1.1933 Low
GBP / USD – 4 Hour Chart

4-hour Chart Indicators Reading
Meanwhile, the market is below the 20% range of the daily stochastic. The pair has fallen to the oversold region of the market. The 21-day and 50-day SMAs are sloping horizontally indicating a sideways move.

General Outlook for GBP / USD
GBP / USD is in a downtrend as it may revisit the 1.1933 low. The selling pressure is likely to continue as it faces rejection at the 21-day line SMA. The downtrend is reaching bearish exhaustion.

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