{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/gbpusd-retreats-towards-the-1-2340-price-level\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/gbpusd-retreats-towards-the-1-2340-price-level\/","headline":"GBPUSD Retreats Towards the 1.2340 Price Level","name":"GBPUSD Retreats Towards the 1.2340 Price Level","description":"GBPUSD bulls seem to have expended all their energy after pushing price action from near 1.1820 to around 1.2540. Now, bulls seem to have retired to catch their breath, and this has opened the floor for some downward retracement. Major Price Levels: Top Levels: 1.2370, 1.2390, and 1.2410 Floor Levels: 1.2359, 1.2340, and 1.2320 GBPUSD […]","datePublished":"2023-04-19","dateModified":"2023-04-19","author":{"@type":"Person","@id":"https:\/\/forexschoolonline.com\/author\/jonfox\/#Person","name":"Johnathon Fox","url":"https:\/\/forexschoolonline.com\/author\/jonfox\/","identifier":1,"description":"Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Forex School Online","logo":{"@type":"ImageObject","@id":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","url":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","width":240,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2022\/11\/USD22-e1669136055895.jpg","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2022\/11\/USD22-e1669136055895.jpg","height":310,"width":464},"url":"https:\/\/forexschoolonline.com\/gbpusd-retreats-towards-the-1-2340-price-level\/","about":["Article","FX Technical Analysis","GBP\/USD"],"wordCount":341,"keywords":["Forex","gbpusd","trading"],"articleBody":"GBPUSD bulls seem to have expended all their energy after pushing price action from near 1.1820 to around 1.2540. Now, bulls seem to have retired to catch their breath, and this has opened the floor for some downward retracement.Major Price Levels:Top Levels: 1.2370, 1.2390, and 1.2410Floor Levels: 1.2359, 1.2340, and 1.2320GBPUSD Comes Under Pressure Towards Breaking Down Support at the 1.2340 Price MarkPrice action in the GBPUSD daily market retraced downward more strongly in the past 3 trading sessions ago. This too is down from around 1.2520 to 1.2395. In the ongoing session, trading activities have continued, and through the last price candle, prices have retraced even lower. The pair’s current price now lies in between the two sets of the Guppy Multiple Moving Average (GMMA) curves. Likewise, the Stochastic Relative Strength Index (RSI) indicator shows that bulls may not resume action soon as their leading line hits the lowest point of the oversold. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator continues to move towards the 0.00 level following a crossover. The bars of the MACD seem to reveal that the bears are strong, as they grow taller and are red in appearance.GBPUSD Bulls are Trying to Mount Resistance to Downward Forces at the 1.2350 MarkBuyers in the GBPUSD 4-hour market seem to be trying to make some re-entry at the 1.2359 price mark. Apparently, from the looks of the last candle here, one can predict that their move isn’t yet formidable enough. The last green candlestick here has no wick, which shows that the buyer and seller are seriously engaged. However, the RSI and MACD indicators are predicting that the market still possesses a more bearish tone. The MACD’s curves keep falling toward oversold territory. The same goes for the MACD, whose lines resume coursing downward below the equilibrium level. By implication, this is pointing out that the resistance mounted by buyers at the 1.2359 level may fail, and the price may fall closer to the 1.2330 level.Do you want to take your trading to the next level? Join the best platform for that here."}