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

Published on

February 2, 2023
Read Time:2 Minute, 33 Second

GBP/USD Value Evaluation – September 21

In keeping with the every day chart, the bulls might improve their momentum and break above the $1.370 degree, there could also be a bullish motion to check the $1.380 and $1.390 ranges.

GBP/USD Lengthy-term Development: Bearish (Every day Chart)

Key ranges:
Resistance Ranges: $1.380, $1.385, $1.390
Assist Ranges: $1.354, $1.349, $1.344

GBP/USD is trying bearish in the long run because the bears stay in command of the market. The foreign money pair is presently transferring in the direction of $1.370 after touching the help degree of $1.364. In the meantime, the worth reached the dynamic resistance degree of $1.369 however was unable to interrupt it up; in the meantime, there could possibly be a bearish reversal candle and the foreign money pair might fall. Wanting on the present market motion, GBP/USD is seen hovering on the $1.367 degree.

GBP/USD Value Evaluation: GBP/USD Could Expertise Bullish Reverse

Wanting on the every day chart, the present candle emerges as a bullish one after touching the every day excessive of $1.367. The foreign money pair is now buying and selling beneath the 9-day and 21-day transferring averages. Subsequently, an additional improve within the bears’ stress might lower the foreign money pair by which the earlier low of $1.364 could also be surpassed. Extra so, any additional bearish motion might result in the help ranges of $1.354, $1.349, and $1.344 respectively.

For the time being, GBP/USD is more likely to break beneath the decrease boundary of the channel for it to proceed to commerce beneath the 2 MAs which connotes a gradual improve within the bearish stress inside the market. In the meantime, the technical indicator Relative Energy Index (14) is more likely to make a fast flip above 40-level with the sign line pointing as much as point out a purchase sign. Equally, crossing above the 9-day and 21-day transferring averages might find the resistance ranges at $1.380, $1.385, and $1.390.

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

On the medium-term outlook, GBP/USD is bearish. Just a few days in the past, the worth degree of $1.384 was seen falling from the range-bound, and right this moment, the worth touches the help degree of $1.364. Nevertheless, the market value continues to be falling beneath the 9-day transferring common to commerce beneath the $1.360 degree.

Furthermore, if the foreign money pair crosses above the 9-day transferring common, GBP/USD could hit the resistance degree of $1.375 and above. In the meantime, because the red-line of the 9-day MA is beneath the green-line of the 21-day MA, the foreign money pair might transfer in the direction of the help degree of $1.359 and beneath. The technical indicator Relative Energy Index (14) is seen transferring beneath 35-level to extend the bearish motion.

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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 : February 2, 2023
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