GBP / USD price forecast: August 24
The GBP / USD market is retreating from a lower level as it did about a month ago trading operations. At present, the trading rate of the currency pair is about 0.19. This shows that the market maintains a slow pace of movement as it trades around the 1.3737 level.
GBP / USD market
Resistance levels: 1.3800, 1.3900, 1.4000
Support levels: 1.3600, 1.3500, 1.3400
GBP / USD: daily chart
The daily GBP / USD chart shows that the currency pair market is retreating from a lower level of the trading area around 1.3600, almost as it did over the last month; the session of July 21 or so. The bearish trend line stretched south in an extension of a little to be between 1.3800 and 1.3700 below the SMAs. The 14-day SMA indicator is below the 50-day SMA indicator. Stochastic oscillators have crossed the lines to the north slightly past 20, indicating that there is upward pressure on the loom.
GBP / USD trading now has a higher probability of increasing the current trading point as the market rises from a lower level. It looks like the currency pair had to revisit the support line at 1.3600 to regenerate energy. GBP / USD market traders need to intensify efforts to overcome the immediate resistance line at 1.3800 in order to stay afloat on the way up.
On the downside, the current formation of bullish candlesticks, which represents the degree of market concentration, means a difficult psychic recovery from a negative trading situation. In view of this, the sales orders needed to be suspended for a while. There may be a break around the 1.3800 resistance to cause a line of deficits in the market valuation. But it is necessary to maintain the need to suspend another exercise of the sales order.
In short, it looks like the GBP / USD market will have to be dominated by buying pressures in subsequent trading operations. Therefore, traders should be aware of an active movement of prices in favor of an upward trend in considering the possibility of participating.
4-hour GBP / USD chart
The 4-hour GBP / USD chart also reveals that the currency pair market is retreating from a lower level below the larger SMA indicator and the bearish trend line. The price has been able to rise briefly northward beyond the smaller SMA indicator. The 50-day SMA trend line is above the 14-day SMA trend line. Stochastic oscillators have joined the lines of the overbought region, trying to start a steady consolidation. It now looks like the currency pair market may witness a kind of trading situation trading between the 1.3800 and 1.3700 levels in about a couple of days of trading next. Merchants need to look for a decent ticket to buy.
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