FX.co ★ Fxcaptain | GBP/USD

T E C H N I C A L _ A N A L Y S I S G B P / U S D Hello, in this article, we will take a closer look at the evolution of the price of GBP/USD. Let's see how GBP/USD performs in the next trading session. GBP/USD is trading at 1.2530 at the time of writing. The GBP/USD market is in a corrective phase now, and there is no change in the core bearish trend. The momentum is solid, and all eyes are on the fresh swings low now . The Relative Strength Index (RSI) is at 57.2599 which indicates the presence of a short-term downtrend . At the same time, the moving average convergence divergence (MACD) indicator is declining and heading towards the support zone . The 20-day exponential moving average and the 50-day exponential moving average are still trading at 1.2918, which suggests that the price could decline toward the support level of 1.1934 .

The price of GBP/USD should be raised to 1.3400 US dollars which is the first level of resistance . After that, the next significant resistance is near the 1.4775 level, which is the 2nd level of resistance. A clear break above the 1.4775 resistance sends the market price to 1.7219 which is the 3rd level of resistance. On the other hand, the significant support is near the 1.1934 level, below which there is a risk of another significant bearish. The market price may drop as low as the 1.0406 support, described below . After that, the next significant support is near the 1.0345 level, which is the 3rd level of support. The sellers are successful in collapsing the power of the buyers right now. Moreover, the news events also can help the sellers to continue their pressure on the buyers. The indicators used in the chart: MACD indicator: RSI indicator period 14: 50-day exponential moving average color Orange: 20-day exponential moving average color Magenta: