GBP/USD Price Prediction – September 27
There has been an enormous and unimaginable loss of momentum by the GBP/USD market bulls as the currency pair price drops so aggressively from around the point of 1.1700 to the lower tune of 1.0400. That is not less than 1,300 losses of pips. As of the time of writing, price has rallied to 1.0766 at a minute positive percentage rate of 0.75.
GBP/USD Market
Key Levels:
Resistance levels: 1.1000, 1.1200, 1.1400
Support levels: 1.0400, 1.0300, 1.0200
GBP/USD – Daily Chart
The GBP/USD daily chart showcases the currency pair market drops aggressively to the 1.0400 support level. A slight rebounding motion occurred yesterday while the price breached feebly past the value line to the downside, leading to the birth of the current smaller bullish candlestick far below the trading tools. The 14-day SMA indicator is at the 1.14276 line, underneath the 1.19773 value line of the 50-day SMA indicator. The Stochastic Oscillators are around 4.95 and 6.48 range points to denote the capacity pace at which the market has pushed upward from its current slippages.
Where is the logical resistance point to getting a sell entry in the GBP/USD market operations?
The logical resistance trading zone to get a sell entry in the GBP/USD market has proved to be around the trend line of the 14-day SMA’s value point. Buyers should have joined the rallying motion from around 1.0500 by applying for a trailing stop approach order.
On the downside of the technical analytics, the bearish trading cycle is still in focus as the market seamlessly rallied from a lower-trading spot around the 1.0400 support to a higher line below the sell signal side of the SMA trend lines. It would be ideal to allow other rounds of pull-ups to get resistance at a high-trading zone before considering launching a shorting order.
Summarily, traders needed to wait for a trading pattern that supports the execution of a selling order at a high-resistance trading spot around the indicators after a while, as believed that the GBP/USD market is still in the depth of the bearish cycle.
GBP/USD 4-hour Chart
The GBP/USD medium-term chart reveals the pairing currency price drops aggressively to the 1.0400 support level. There have been convergences of candlesticks around the lower-trading zone, causing a rallying mouton to a reasonable extent below the SMAs. The 14-day SMA indicator is at 1.10036, underneath the 1.13442 value point of the 50-day SMA indicator. The Stochastic Oscillators are in the overbought region, maintaining 86.07 and 91.33 range points. Price may push for a touch of resistance around the 1.10000 level before reverting to a declining move afterward.
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