GBP/USD Price Prediction – April 5
It happened lately that the GBP/USD market swung briefly above 1.3200 to eye a higher resistance line at 1.3300. Currently, the currency pair price declines past 1.3200 to trade between the high and the low of 1.3144 and 1.3106 at a minute positive percentage rate of 0.18.
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 shows the currency pair price declines past 1.3200, having swung northward to high resistance. The market now keeps back within a descending triangular pattern, involving the value-line mentioned earlier, the 1.3100, and 1.3000 as the support baseline of the trading formational shape. The 14-day SMA is underneath the 50-day SMA. And they are above the current trading spot to signify that the market is under a selling force. The Stochastic Oscillators are swinging slantingly to the southbound against variant range lines closely over the range at 40.
Can the GBP/USD market rebuild efforts to break back at the 1.3200 level to give room to ups afterward as the currency price declines past it?
It might take a while for the GBP/USD market to rebuild efforts to break out at the 1.3200 level as the currency pair price declines past it to keep within the descending triangular pattern. Being as it is, it appears the base currency instrument has not had a healthy moment to push at the purchasing power of the counter currency tool. But, 1.3000 remains the critical lower level bears may move before bulls can sustainably take control of the market operations.
On the downside of the technical analysis, the GBP/USD market bears are relatively in control of the currency business activities. However, a new joining of order to the downside may be too late as there can be a rebound in no time considering the length of closeness to the 1.3000 support baseline.
Summarily, as the GBP/USD market trend is still bearish, traders are to keep on looking for a reversal of an upward motion around the points of 1.3200 and 1.3300 to observe a decent sell entry. Bulls may have a bright chance of a re-launch of position around the 1.3000 support baseline afterward.
GBP/USD 4-hour Chart
The GBP/USD medium-term chart exhibits the currency pair price declines past 1.3200 after hitting resistance around 1.3300. The SMAs are between the descending triangular shape pattern. The 14-day SMA indicator is underneath the 50-day SMA indicator. The Stochastic Oscillators are pointing toward the northbound direction closer to the range of 80. That indicates the current trading situation suggests that upward momentum is ongoing against a resistance line as writing.
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