GBP/USD Market Hits Resistance at 1.3900

British Pound Price Prediction – July 13
The GBP/USD market hits a resistance at 1.3900 during the recent rebounding efforts made by the base currency as it pairs with its counter trading instrument. The currency market now trades at a negative percentage rate of 0.46.

GBP/USD Market
Key Levels:
Resistance levels: 1.3900, 1.4000, 1.4100
Support levels: 1.3700, 1.3600, 1.3500

GBP/USD – Daily Chart
The bearish channel trend lines drew on the GBP/USD daily chart to indicate the downward path that the currency pair has been following. On July 13, the market hit a resistance at 1.3900 level around the upper bearish channel trend-line to trade at about the value of 1.3814. The 14-day SMA has closely bent southward over the 50-day SMA indicator. The Stochastic Oscillators are trying to close the line southbound at the range of 80. That indicates that there may soon be a visible return of a downward force in the currency trading operations.
Could there be a continuation of the downward trend as the GBP/USD market hits resistance at 1.3900?
Going by the length of bearish candlestick in the formation, it appears that as the GBP/USD market hits resistance  at 1.3900 could lead to a downward trend continuation. Bulls are to stay away from exerting a position against the force. They are required to wait until the price gets support toward or around the immediate support level of 1.3700.

Regarding seeing a further falling force, in continuation of the current downward trend, the US Dollar has to put more pressure upon the GBP’s valuation force below the level of 1.3900 that a rejection has gotten. The level at 1.3800 has been aimed by bears. A downward push is imminent as the stochastic Oscillators have indicated a higher trading situation that needed to downsize.

In the summary analysis, traders needed to follow the current bearish trend by looking for a decent sell entry especially, when a reversal move surfaces from an upward price movement of the currency pair activities.
GBP/USD 4-hour Chart
On July 9, the GBP/USD 4-hour chart depicted that the bigger SMA broke northward slightly. The market hits resistance around the point of 1.3900 as well. The 14-day SMA indicator is underneath the 50-day SMA indicator as the bearish channel trend lines embody them. The Stochastic Oscillators have crossed the lines southbound to suggest that bears’ forces are somewhat intact in the market. Therefore, bears may still dominate the GBP/USD trading space.


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