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GBP/USD May Pull Back Towards $1.380 Before Bearish Trend Continues

Published on

September 21, 2021

GBP/USD Price Analysis – September 21

According to the daily chart, the bulls may increase their momentum and break above the $1.370 level, there may be a bullish movement to test the $1.380 and $1.390 levels.

GBP/USD Long-term Trend: Bearish (Daily Chart)

Key levels:
Resistance Levels: $1.380, $1.385, $1.390
Support Levels: $1.354, $1.349, $1.344

GBP/USD is looking bearish in the long term as the bears remain in control of the market. The currency pair is currently moving towards $1.370 after touching the support level of $1.364. Meanwhile, the price reached the dynamic resistance level of $1.369 but was unable to break it up; meanwhile, there could be a bearish reversal candle and the currency pair may fall. Looking at the current market movement, GBP/USD is seen hovering at the $1.367 level.

GBP/USD Price Analysis: GBP/USD May Experience Bullish Reverse

Looking at the daily chart, the current candle emerges as a bullish one after touching the daily high of $1.367. The currency pair is now trading below the 9-day and 21-day moving averages. Therefore, a further increase in the bears’ pressure may decrease the currency pair in which the previous low of $1.364 may be surpassed. More so, any further bearish movement could lead to the support levels of $1.354, $1.349, and $1.344 respectively.

At the moment, GBP/USD is likely to break below the lower boundary of the channel for it to continue to trade below the two MAs which connotes a gradual increase in the bearish pressure within the market. Meanwhile, the technical indicator Relative Strength Index (14) is likely to make a quick turn above 40-level with the signal line pointing up to indicate a buy signal. Similarly, crossing above the 9-day and 21-day moving averages may locate the resistance levels at $1.380, $1.385, and $1.390.

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

On the medium-term outlook, GBP/USD is bearish. A few days ago, the price level of $1.384 was seen falling from the range-bound, and today, the price touches the support level of $1.364. However, the market price is still falling below the 9-day moving average to trade below the $1.360 level.

Moreover, if the currency pair crosses above the 9-day moving average, GBP/USD could hit the resistance level of $1.375 and above. Meanwhile, as the red-line of the 9-day MA is below the green-line of the 21-day MA, the currency pair may move towards the support level of $1.359 and below. The technical indicator Relative Strength Index (14) is seen moving below 35-level to increase the bearish movement.

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 : September 21, 2021

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