British Pound Price Prediction – July 27
The GBP/USD market swings from a lower trading point to trade around the level at 0.3787. As of writing, the currency pair witnesses a smaller negative percentage rate of about 0.23.
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 GBP/USD daily chart reveals that the currency pair market swings in bearish channel trends to hit resistance around the upper channel trend-line. The upper bearish channel trend-line drew alongside the 14-day SMA indicator, facing southward below the 50-day SMA indicator. The Stochastic Oscillators are placed at range 80, nearing the overbought region. The base coin will soon lose momentum to the counter currency.How soon will there be a downward motion as the GBP/USD market swings northward?
There will be a downward motion in the currency pair while price-action emerges around the level of 1.3800 as the market swings around it. A forceful breakout at the point earlier mentioned appears not releasable in the near trading operations. Therefore, bulls needed to wait for a pull-down to occur around that value to touch the previous lower value at 1.3600 or a bit southward push past the point to consider launching a buy order.
On the downside of technical trading analysis, as it is, the points around 1.3800 and 1.3900 are potentially where the GBP/USD market bears should be on the lookout to consider, launching of a sell order especially, when price action occurs to face rejection to the upside. Therefore, traders needed to exercise trading principles in line with proper money management after placing a position.
In summary, there may still be an extension of the currency pair into the points between 1.3800 and 1.3900 only to probably allow the GBP/USD market bears to find an entry for a sell order. The market swinging further past those points could in no time lead to the bulls’ trap.GBP/USD 4-hour Chart
Definite bearish channel trend lines are shown on the GBP/USD medium-term chart as the market swings northward to touch the upper bearish channel trend-line. The SMA trend lines are in the bearish channel trend lines as the 50-day SMA indicator is over the 14-day SMA trend-line. The Stochastic Oscillators have crossed the lines southbound from the overbought region close to the range at 40. That indicates that a downward is getting prepared on a higher note to take the market’s control from that trading situation.
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