British Pound Price Prediction – June 22
Following the recent sharp decline in the market activities of GBP/USD, the market now trades on the downside at the level of 1.3871 at a negative rate percentage of around -0.44.
GBP/USD Market
Key Levels:
Resistance levels: 1.4000, 1.4100, 1.4200
Support levels: 1.3800, 1.3700, 1.3600
GBP/USD – Daily Chart
On the GBP/USD daily chart, it’s depicted that a downward force is still playing out in the currency pair trading operations until now. Yesterday’s trading period recorded a notable rebound to probably signal the start of an upward return. But, as of now, a reversion has been made against the bigger SMA which was breached northwardly recently. The 14-day SMA trend-line has bent down above the 50-day SMA indicator as the bullish trend-line has strategically placed in a supportive manner below the bigger trading tool. The Stochastic Oscillators are now dipped in the oversold region with the lines crossed slightly northbound at range 20. That suggests that upward moves are being somewhat struggling to resurface in this currency pair trading transaction.
As the GBP/USD market now trades on the downside, could it be that the bearish trend is now on course sustainably?
If the trading law of gravity has to play out in the market operations of GBP/USD as of now that price has broken downward away from the last higher range-bound zones, it most likely that bulls liable to losing positions to bears while there is a pull-up hitting resistances afterward. In the meantime, what could be a decent entry in a downward trending situation is when price shows a rebounding sign for a quick entry of profiteering.
Currently, the market’s direction is in a bearish trend that could bring about so much selling order for the GBP/USD bears. However, some degrees of market strategy needed to exercise to avoid wrong or late entry. Pointing toward the north direction of the Stochastic Oscillators couldn’t be sidelined as it may be allowed to cross back the lines southbound to be able to get the most actual downward return move with an indicator’s back-up.
In summary, traders may now have to be on the lookout for upward reversal motion or pattern to be able to launch a sell order. But, a breakout of the 1.4000 resistance level alongside the smaller SMA trend-line could in no time nullify getting to seeing free downward movements.
GBP/USD 4-hour Chart
The GBP/USD medium-term chart showcases that the currency pair market is now in a bearish trend outlook. Price broke southward on June 16th day’s trading session. And, that has led the trade into positive responses to selling pressures that the US Dollar put on the British Pound. Between June 18 and 21, about four candlesticks bottomed around the level of 1.3800 for support that eventually led the market to swing up to now seemingly hit resistance close below the level of 1.3950, the point at which the bearish and the 14-day SMA intercepted as the 50-day SMA is located over them at around the point of 1.4050. The Stochastic Oscillators have crossed the lines southbound from the overbought region pointing to the downside to indicate a return of bearish trend continuation.
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