British Pound Price Prediction – June 1
There has been a continual price hovering around the resistance level of 1.4200 over a couple of days’ trading operations. As of writing, the base currency’s value trades at about 1.4186 at a rate of -0.14% decrease.
GBP/USD Market
Key Levels:
Resistance levels: 1.4300, 1.4400, 1.4500
Support levels: 1.3900, 1.3800, 1.3600
GBP/USD – Daily Chart
The GBP/USD daily chart showcases that the market trading zone of 1.4200 has remained the critical point where price has been continually resisted. There has been a formation of variant candlesticks mostly featured to depict a kind of range-bound trading situation of the market presently. The bullish trend-line drew on a little-lengthy outlook above the buy signal side of the smaller SMA to place close below the current trading point of the currency pair. The 50-day SMA indicator is located underneath the 14-day SMA trend-line. The Stochastic Oscillators are now heading downward to place around range 40. With the tight featuring of a candlestick around the major resistance trading zone, it is not clear that price will fall visibly in the next session.
When will the GBP/USD market stop hover around the resistance of 1.4200?
The GBP/USD market hovering around the resistance of 1.4200 tends to prolong the outlook until some days’ trading activities. Bulls in the market are seemingly getting set to lose the momentum to push northward above the value earlier mentioned. In light of that, buying position needs to be suspended.
The resistance trading line of 1.4200 stands to be a decent zone that potential drawdown could take to form in no time. It will be a better chance if price makes a slight shoot-up before reversing back to the point so that a sell pending position could trigger active trading. However, a forceful breakout of the value may lead bears to reset their stance at a higher zone.
Summarily, the GBP/USD bulls needed to intensify efforts to surge past the resistance level of 1.4200. Meanwhile, around that value as well, bears would have to hold their positions strong to exert pressure on the market.
GBP/USD 4-hour Chart
There has been a slow and steady movement in the market valuation of GBP/USD on the 4-hour trading chart. Since around May 6, the market has continued to feature in a bullish trend outlook from lower support of 1.3900 to now trade hovering around the resistance of 1.4200. The 14-day SMA trend-line is located close below the point later mentioned above the 50-day SMA. The bullish trend-line drew in between the small space of the SMAs. The Stochastic Oscillators have swerved facing downward to probably suggest downsize in the currency pair’s valuation. However, it may not long-lived until the next operation. Therefore, bears have to be wary of their stance.
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