Paying attention to 4 hours chart you can see that:
- since the afternoon of Wednesday, bearish sentiments dominate in this currency pair,
- at the same time, the decline in quotations slowed down near the mirror level 1.4104, which now acts as a strong support for the British pound (GBP) …
GBP / USD
Now let’s look at the indicators:
The currency has consolidated below the moving averages with periods of 144, 34, 89 and 55, which are now a range of resistance levels 1.4138, 1.41455 and 1.4158.
The MACD histogram is in the negative zone and below its signal line, continues to decline intensively and thus gives a signal to sell the British pound (GBP).
Stochastic Oscillator is in the oversold zone and is giving a similar signal, as the% K line falls below the% D line.
Despite two identical and clear signals, the quality confirmation the fact that in the forex market in this currency pair, bearish sentiments may again increase, need to wait breakdown of the mirror level 1.4104, which can open the way to the levels 1.4077, 1.40485 and 1.4006.
Otherwise, the bulls may seize the initiative, and their targets will be the levels 1.4141, 1.4185 and 1.4233.
We remind forex traders that at 15:30 Moscow time. will be published data on inflation in the US, which may have a significant impact on the further course of trading.
Resistance levels: 1.4124, 1.4138, 1.4141/ 455, 1.4158 / 59, 1.4185, 1.41985
Current price: 1.4107
Support levels: 1.4104, 1.4089, 1.4077, 1.40485, 1.4006
Beginner traders will benefit from the Training section at FxPro.
FxTeam analytics in Telegram – read news and analytics first!