GBP/USD Market Value Hovers Closely Above 1.3000

GBP/USD Price Prediction – April 12
After a chain of serial drawdowns in the GBP/USD trade operations, the currency pair market values now hovers closely above the 1.3000 trading line. The market’s opening balance is at 1.3028, and the trade has witnessed an increase and a decrease in volumes between 1.3053 and 1.2993 value-lines, keeping a minute positive percentage of 0.06.

GBP/USD Market
Key Levels:
Resistance levels: 1.3100, 1.3200, 1.3300
Support levels: 1.2900, 1.2800, 1.2700

GBP/USD – Daily Chart
The GBP/USD daily chart showcases the currency pair market value hovers closely above the 1.3000 baseline. All the SMA trend lines are above the current trading spot to affirm that the market is in a depth of price declination process. The bearish trend line drew alongside the 14-day SMA underneath the 50-day SMA as the horizontal line is drawn at 1.3000, forming a triangular descending pattern outlook. The Stochastic Oscillators are in the oversold region with their lines conjoined closely around range 0.
Should traders expect the GBP/USD price to bounce up away from the 1.3000 as the market value hovers closely above it?
Things are seemingly getting set to have a rebounding trading situation as the GBP/USD market value hovers closely above 1.3000. From the technical look of the present trading outlook, the trade features a line of candlesticks bearing bottom shadows around the value-line to signify the potentiality to witness a swing high in the near term.

On the downside of the technical analysis, the GBP/USD market bears may have to hold on to their re-appearances in the currency pair business operations to observe a change in the reading condition of the Stochastic Oscillators before taking a decision afterward.

In summary, the current trading situation in the GBP/USD market is currently experiencing a stop to a further declining motion. That is, signaling for a return of upward swinging movement in the subsequent sessions, especially when the price isn’t breached past the 1.3000 to the downside forcefully in the long run.
GBP/USD 4-hour Chart
The GBP/USD medium-term chart reveals the currency pair market value hovers closely above 1.3000. The 50-day SMA indicator trends southwardly at the endpoint alongside the bearish trend line above the 14-day SMA indicator. A bullish candlestick has emerged from the value line to engulf some of the penultimate smaller candlesticks formed underneath the trend line of the smaller SMA. The Stochastic Oscillators are northbound, a bit above the range of 40. The verdict remains that bulls are, having a better chance to push the price upward as long as the value point mentioned earlier doesn’t break fearfully to the south in the long run.


Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.