GBP/USD Price Prediction – April 26
It presently reveals that the GBP/USD market operation deepens in downward forces, having broken previous critical support at 1.3000. The currency pair price, as of writing, trades between 1.2772 and 1.2710 at a minute negative percentage of 0.16.
GBP/USD Market
Key Levels:
Resistance levels: 1.2900, 1.3000, 1.3100
Support levels: 1.2700, 1.2600, 1.250
GBP/USD – Daily Chart
The GBP/USD daily chart showcases the currency-pair market deepens in downward forces as the last pivotal support at 1.3000 eventually breached southward to continue with the bearish-trading trend. There is a space separating the trading indicators as the 14-day SMA is underneath the 50-day SMA. The bearish trend line drew alongside the smaller SMA to attest to the current falling situation. The Stochastic Oscillators have penetrated the oversold region close to the range of zero.
Can there be more reliable downs in the GBP/USD trade operations as the market deepens in downward forces afterward?
An indicator has suggested that the falling trading situation has entered an oversold condition despite a bearish candlestick to warn against the launching of new sell orders. Buyers may have to be on the lookout for a bullish candlestick to emerge around the lower-trading depth of 1.2700 and 1.2600.
On the downside of the technical analysis, the GBP/USD trade bears are still in control as the market deepens in downward forces. It will amount to a late entering of order if sellers join the trend at this point as the price trades closer to the 1.2700 support level.
Summarily, as an oversold trading condition has been observed presently in the GBP/USD market operations, buyers are to be alerted when there will be a bullish candlestick to signify an end to the current falling forces before going for a buying order afterward.
GBP/USD 4-hour Chart
The GBP/USD medium-term chart exhibits the currency pair market deepens in downward forces underneath the trend lines of the trading indicators. The bearish trend line drew closely above the SMA trend lines, marking the variant psychological resistant trading points to the downside. The 14-day SMA has distinctively bent southward beneath the 50-day SMA. And they are above the current trading spot. The Stochastic Oscillators are in the oversold region, trying to cross their lines northbound around the 20 range. The near resistance line to get upswings from the current trading situation lies around 1.2800. If the price keeps lacking the strength to bounce back reliably against it afterward, then the falling force will continue to prevail for some more time.
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