British Pound Price Prediction – October 5
It is now on the GBP/USD financial book of records that the currency pair trade struggles, rallying beneath 1.3700. Meanwhile, as of writing, the market keeps a trading line of around 1.3622 at a percentage rate of 0.13.
GBP/USD Market
Key Levels:
Resistance levels: 1.3700, 1.3800, 1.3900
Support levels: 1.3500, 1.3400, 1.3300
GBP/USD – Daily Chart
The GBP/USD daily chart shows that the currency pair trade struggles, rallying beneath the 1.3700 level. The upper bearish trend line drew alongside the 50-day SMA indicator as the 14-day SMA indicator is underneath them. The lower bearish trend line drew to touch the pivotal support level at 1.3400. The Stochastic Oscillators are around the range of 40, seemingly trying to close the lines. It signifies that there may soon be a pause session, holding for a while.
As the GBP/USD trade is rallying beneath the 1.3700 level, will it extend its movements up to the subsequent resistance line?
The next resistance level at 1.3700, as it is close to the current trading spot, may not easily breach past through in the near time. The GBP/USD market bulls needed to relax for a while to let the market pulls down, forming a line of downward converges for some times around the 1.3600 and, be on the lookout for an abrupt spike, resulting from the emergence of a bullish candlestick before a buy order can obtain.
On the downside analysis, the GBP/USD market bears have between 1.3700 and 1.3600 to get a re-launch of their dominance in the market. A better re-ordering of a sell-trading moment will better-off achieved while price attempts fake pull-ups against the higher value-line.
Summarily, in the meantime, the trading levels between 1.3700 and 1.3600 will witness critical trading situations in the following sessions. Some downs may have the advantage of the market, while bulls will have to reset their positions around the lesser value point.
GBP/USD 4-hour Chart
The GBP/USD 4-hour chart reveals that the currency pair trade struggles, rallying beneath 1.3650 at a close point. The 50-day SMA trend line is over the 14-day SMA trend line as the upper bearish trend line is around the bigger indicator. The Stochastic Oscillators are consolidating around the overbought region near over the range of 80. There may be variants featuring smaller-ups and smaller-downs before another definite move can be. A fearful breakout at the value level mentioned earlier may portend a near-futuristic returning of an upward trend. If that be the case, the levels around 1.3550 and 1.3500 will serve as the critical support trading zones.
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