GBP/USD Price Prediction – September 6
The market operation between Great Britain Pounce and the United States of America currency pair price tries, rebuilding on a support line after a long bearish motion. Buying and selling activities, as of the time of writing, take place between 1.1609 and 1.1514 value lines at an average percentage rate of 0.32.
GBP/USD Market
Key Levels:
Resistance levels: 1.1700, 1.1800, 1.1900
Support levels: 1.1400, 1.1300, 1.1200
GBP/USD – Daily Chart
The daily chart reveals the currency pair price tries, rebuilding on a support line around the lower bearish channel trend line drawn to the south. The 14-day SMA indicator is at 1.1821 below the 1.2218 points of the 50-day SMA indicator. Yesterday’s session ended with a smaller bullish candlestick signifying the possible exhaustion of a series of downward-trending moves dominating the market over time. The Stochastic Oscillators are in the oversold region, maintaining 5.24 and 13.89 range values.
Can there still be downs against the 1.1400 support in the GBP/USD market operation?
At the moment, any downs in an attempt to feature around may allow the GBP/USD market buyers to try rebuilding on a support line in the run. A downward consideration moving mode can negate an early resurfacing of variant upswings that have been expectantly to place. Buyers need not to overleverage positions at no time.
On the downside of the technical analytics, the GBP/USD market bears may need to allow the price to spring upward closely beneath the trend line of the 14-day SMA at 1.1821 for a retest before considering launching a sell order. Traders may go for the setting of a sell limit order around the value line.
In summary, bears in the GBP/USD market can only consolidate on the downward pressures leftover to continue to break through lower supports around the lower bearish trend line drawn. However, a set of bullish candlesticks is in the forming to indicate a dicey situation of getting reliable down.
GBP/USD 4-hour Chart
The GBP/USD medium-term chart showcases the currency pair price tries, rebuilding support around the lower bearish trend line. The 14-day SMA indicator is at 1.1570 below the 1.1751 points of the 50-day SMA indicator. The Stochastic Oscillators are in the overbought region, maintaining 87.74 and 94.12 ranges. It shows that price has encountered resistance around the 14-day SMA trend line. Therefore, a downward move is imminent.
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