GBP/USD Price Prediction – June 8
The GBP/USD market operation has been hovering in definite range-bound zones. The currency pair’s value now trades around the level of 1.4155 at a percentage rate of about -0,15 decrease.
GBP/USD Market
Key Levels:
Resistance levels: 1.4200, 1.4300, 1.4400
Support levels: 1.4100, 1.4000, 1.3900
GBP/USD – Daily Chart
The GBP/USD daily chart depicts that the currency pair’s worth is presently featuring around the range-bound zones of 1.4200 and 1.4100. Variant candlesticks have dominated those range trading points on the buy signal side of the smaller SMA. The 50-day SMA indicator is far located underneath the 14-day SMA trend-line as the bullish trend-line drew closely alongside it to place at the immediate support level. The Stochastic Oscillators have crossed the lines from the oversold region to point to the north side.
Will the GBP/USD market hold longer more in range-bound zones?
There is every probability that the GBP/USD trade operation will still hold more in or around the range-bound trading zones until the next session. On June 4, a little spike occurred from the higher support of 1.4100 to suggest that an upward move is in the card. A breakout of the upper range-line may not in the long-run sustainable.
In continuation from the level of the upper range-line, an upward reversal move against the point will give back bears an advantage of sell re-launching order. The higher market levels off above the upper range-line could be decent areas that bears needed to be on the lookout for spotting entry. Traders have as well to back up their positions with valid price action.
Summarily, going by the technical reading of the Stochastic Oscillators, it is signaled that some degrees of an upward move is in the making as of writing. However, a breakout of the upper range line may not be sustainable in the long run.
GBP/USD 4-hour Chart
Levels of 1.4200 and 1.4100 are still kept on the GBP/USD medium-term chart as range-lines. Price now fluctuates in the specified range-bound zones. The 14-day SMA trend-line and the 50-day SMA indicator are located in the range-bound zones pointing towards the east direction. The Stochastic Oscillators have moved southbound from the overbought region. And, they now appear seemingly trying to cross the lines back between ranges of 40 and 20. In the meantime, it may not materialize in the near time.
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