GBP/USD Market Rallies from a Lower Level

GBP/USD Price Prediction – August 24
The GBP/USD market rallies from a lower level as it did about a month back trading operations. As of the present, the currency pair’s percentage rate of trading stands at about 0.19. That shows that the market maintains a low-active moving pace as it trades around the level at 1.3737.

GBP/USD Market
Key Levels:
Resistance levels: 1.3800, 1.3900, 1.4000
Support levels: 1.3600, 1.3500, 1.3400

GBP/USD – Daily Chart
The GBP/USD daily chart showcases that the currency-pair market rallies from a lower level of the trading zone around 1.3600, just almost as it has done during the last month; the July 21st session or thereabout. The bearish trend-line drew southward in a bit extension to place between 1.3800 and 1.3700 below the SMAs. The 14-day SMA indicator is underneath the 50-day SMA indicator. The Stochastic Oscillators have crossed the lines northbound slightly past the range of 20, indicating that upward pressure is in the loom.
Will the GBP/USD trade push higher more as the market rallies from a lower level?
The GBP/USD trade now has a greater probability chance to push higher off the current trading point as the market rallies from a lower level. It appears that the currency pair had to revisit the support line at 1.3600 to build up energy again. The GBP/USD market bulls have to intensify efforts in breaking past the immediate resistance line at 1.3800 to be able to stand afloat on the path to the upside.

On the downside, the present formation of bullish candlesticks, representing the degree to which the market rallies, signifies a difficult resumption psyche of a bearish trading situation. In light of that, sell orders needed to suspend for a while. There can be a pause around the resistance of 1.3800 to cause a line of shortfalls in the market valuation. But, the need to suspend further exertion of sell order must maintain.

Summarily, it appears that the GBP/USD market will have to be dominated by buying pressures in the subsequent trading operations. Therefore, traders are to be on the lookout for active price movement going in favor of an uptrend to consider joining in.
GBP/USD 4-hour Chart
The GBP/USD 4-hour chart also reveals that the currency-pair market rallies from a lower level under the bigger SMA indicator and the bearish trend-line. Price has been able to rally northward briefly past the smaller SMA indicator. The 50-day SMA trend-line is above the 14-day SMA trend-line. The Stochastic Oscillators have conjoined the lines in the overbought region, attempting to begin a consolidation moving manner in it. It now seems that the currency-pair market may witness a kind of range-bound trading situation around 1.3800 and 1.3700 levels in about a couple of following days’ trading sessions. Traders are to look out for decent buy entry.


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