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GBP/USD Slides Under $1.380 Level, Price May Dig Dip

Published on

August 17, 2021

GBP/USD Price Analysis – August 17

As the daily chart reveals, the bears’ pressure may take the price further to penetrate the $1.370 level, the support level of $1.360 may be tested and break down to expose the support levels of $1.350.

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

Key levels:
Resistance Levels: $1.395, $1.400, $1.410
Support Levels: $1.360, $1.355, $1.350

GBP/USD is looking bearish in the long term. For the past few days, the bears were fully in control of the GBP/USD market, the currency pair crosses below the 9-day and 21-day moving averages from the opening price of $1.384 and move towards $1.370 after passing through the confluence at $1.380 level. Meanwhile, this is a bearish reversal candle and the currency pair may continue to fall. Looking at the current market movement, GBP/USD is seen hovering at the $1.373 level.

GBP/USD Price Analysis: Bears May Exerts More Pressure

At the moment, the current candle emerges as a bearish one as soon as the European begins. The currency pair is now trading at $1.373 support and this is immediately after GBP/USD touches the daily low of $1.372 level. Therefore, a further increase in the bears’ pressure may reduce the currency price in which the previous low of $1.372 may be surpassed. More so, any further bearish movement could lead to the support levels of $1.360, $1.355, and $1.350 respectively.

However, the currency pair 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 in the market. Meanwhile, the technical indicator Relative Strength Index (14) is likely to slide below 40-level with the signal line bending down to indicate additional sell signals. On the other hand, crossing above the 9-day and 21-day moving averages may locate the resistance levels at $1.395, $1.400, and $1.405 above the upper boundary of the channel.

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

On the medium-term outlook, GBP/USD is currently bearish. Yesterday, the price level of $1.385 was seen falling from the range-bound, and today, the price touches the support level of $1.372. However, the market price is now rising to the upside to trade above the $1.373 level.

Moreover, if the currency pair moves toward the 9-day and 21-day moving averages, GBP/USD could hit the resistance level of $1.378 and above. Meanwhile, as the red-line of the 9-day MA is below the green-line of the 21-day MA, GBP/USD may slide towards the support level of $1.368 and below. The technical indicator Relative Strength Index (14) is seen moving within the oversold region.

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 : August 17, 2021

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