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GBP/USD Consolidates at $1.407 Level, Expecting a Bearish Breakout

Published on

January 30, 2023
Read Time:2 Minute, 41 Second

GBP/USD Value Evaluation – June 15

On the opening of the market in the present day on the each day chart, the market value is seen buying and selling 9-day and 21-day shifting averages.

GBP/USD Lengthy-term Pattern: Bullish (Each day Chart)

Key ranges:
Resistance Ranges: $1.430, $1.435, $1.440
Help Ranges: $1.390, $1.385, $1.380

GBP/USD is wanting bearish in the long run. For the previous few weeks, the bulls had been totally accountable for the GBP/USD market, the worth was moved up from the help stage of $1.41 in the direction of $1.43 after passing by means of the confluence at $1.40 stage. In the meantime, the worth reached the dynamic resistance stage of 48-level however unable to interrupt it up and a night star candle sample emerges at this stage; in the meantime, this can be a bearish reversal candle and the forex pair might fall. Wanting on the present market motion, GBP/USD is seen consolidating on the $1.408 stage.

What's the Doable Motion for GBP/USD?

Wanting on the each day chart, the present candle emerges as a bearish one after touching the each day excessive of $1.412. The forex pair is now buying and selling at $1.407 help. That is instantly after GBP/USD touches the each day low of $1.403 stage. Due to this fact, an additional improve within the bears’ stress might lower the forex value by which the earlier low of $1.403 could also be surpassed. Extra so, any additional bearish motion may result in the help ranges of $1.390, $1.385, and $1.380 respectively.

Nevertheless, for the time being, the forex pair is more likely to break beneath the decrease boundary of the channel in order that it might proceed to commerce beneath the 2 MAs which connotes a gradual improve within the bearish stress within the GBP/USD market. In the meantime, the technical indicator Relative Power Index (14) is sliding beneath 50-level with the sign line bending down to point extra promote indicators. Alternatively, crossing above the 9-day and 21-day shifting averages might find the resistance ranges at $1.430, $1.435, and $1.440.

GBP/USD Medium-term Pattern: Bearish (4H Chart)

On the medium-term outlook, GBP/USD is bearish. A couple of days in the past, the worth stage of $1.418 was seen falling from the range-bound, and in the present day, the worth touches the help stage of $1.408. Nevertheless, the market value is now rising in the direction of the 9-day shifting common to commerce above the $1.408 stage.

Furthermore, if the forex pair crosses above the 9-day and 21-day shifting averages, GBP/USD could hit the resistance stage of $1.415 and above. In the meantime, because the red-line of the 9-day MA is beneath the green-line of the 21-day MA, GBP/USD might slide in the direction of the help stage of $1.403 and beneath. The technical indicator Relative Power Index (14) is seen crossing above 40-level to resumes the uptrend.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 30, 2023
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