GBP/USD Price Prediction – March 29
In the recent past trading operations of the GBP/USD market, some upward motions featured, breaking through resistances to hit a hard higher resistance around 1.3300. Presently, the currency pair price declines after hitting the resistance around the value line. The market has lost over two hundred pips as price trades around 1.3091 at a minute positive percentage of 0.08.
GBP/USD Market
Key Levels:
Resistance levels: 1.3200, 1.3300, 1.3400
Support levels: 1.3000, 1.2900, 1.2800
GBP/USD – Daily Chart
The GBP/USD daily chart reveals the currency pair price declines at 1.3300. The market had initially sprung upwardly until March 22 sessions. But, the following day turned uglier against getting a continuation of the trend. About a couple of days back, variant bearish candlesticks formed toward finding possible support around the 1.3000. The 50-day SMA indicator is above the 14-day SMA indicator. The Stochastic Oscillators have crossed southbound against the range of 80, indicating that a downing process is relatively ongoing.
Should short-position takers ride on the downward trend to the lower support level at 1.3000 as the currency pair price declines momentum at 1.3300?
Technically, it would be better for traders to watch out for what can be the reactions of the GBP/USD market around the 1.3000 support level as the currency pair price declines momentum around the value-line. While price drops to the spot, long-position takers may brace up to get a buy entry.
On the downside of the technical analysis, the GBP/USD trade short-position takers may have to allow sell positions open 1.3200 to run more for a while. And they have to close around the 1.3000 support level. A sudden fearful breakdown at the point level latterly mentioned will lead to more sustainable downs.
Summarily, the GBP/USD market activities run under a bearish trending setting between the high of 1.3300 and the low of 1.3000. Traders are to watch out for price reactions around the lower value line before executing an order.
GBP/USD 4-hour Chart
The GBP/USD medium-term chart showcases the currency pair price declines at the 1.3300 level. The 14-day SMA indicator has bent downward closely beneath the 50-day SMA indicator. Some candlesticks have been converging around 1.3100 in attempts to breach southward further. The Stochastic Oscillators are in the oversold region, relatively moving in a consolidation style to signify that a downward force is in play. A bullish candlestick emerging in the current situation will end, getting smooth runs to the downside.
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