GBP/USD Price Prediction – May 31
In the wake of trying not to give a damn easily to a downward-returning trend in the GBP/USD trade operations, the currency pair market springs upward with a less volatility index. It observed price trades between the high of 1.2654 and a low of 1.2590 at a minimal percentage rate of 0.20 negative.
GBP/USD Market
Key Levels:
Resistance levels: 1.2700, 1.2800, 1.2900
Support levels: 1.2500, 1.2400, 1.2300
GBP/USD – Daily Chart
The GBP/USD daily chart reveals the currency pair market springs upward with less volatility, briefly past a resistance point around the smaller SMA. The 50-day SMA indicator is above the 14-day SMA indicator. And there is a space separating them apart. The Stochastic Oscillators are in the overbought region, moving in a consolidation manner to denote pressure to the upward side isn’t losing the strength for now.
Will the GBP/USD market hold positions to spring up more in the subsequent operations?
There is a need for a convergence of candlesticks to form around the resistances of 1.2700 and 1.2800 levels to complete a rallying process in the GBP/USD market operations. If that assumption has to materialize, it won’t be technically ideal to launch a new buying order entry to avoid not getting whipsawed by an unnecessary correction that is possible to surface in no time.
On the downside of the technical analysis, the GBP/USD market sellers have to be on the lookout for several rejections of price actions around the resistances outlined above. There is a psychological area of resistance trading closely above the 1.2600 as it had several days back. And the market is facing it again under the reading of an overbought condition to have a clear-cut probability that the market will soon witness a decline.
Summarily, the overall verdict suggests bears will soon regain the GBP/USD market control in the near time around the resistance levels outlined above.
GBP/USD 4-hour Chart
The GBP/USD medium-term chart showcases the pairing currencies market springs upward above the bullish trend line that drew closely below the smaller SMA. Most of the up springs have featured around the buy signal side of the 14-day SMA as the 50-day SMA is underneath it. The Stochastic Oscillators have moved southbound, dipping down into the oversold region to signify price is experiencing a reduction in its pressure to the north. A bullish candlestick is in the making around the 1.2600 value line. A sudden fearful reversal against the move will let in a return of downward-trending motion to resume.
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