Prices in the GBP/USD market are just inches away from falling below the 1.2000 mark. And going by the recent lackluster performance of the pair, it’s almost certain that the price may fall lower.
Major Price Levels:
Top Levels: 1.2060, 1.2080, 1.2120
Floor Levels: 1.2000, 1.1970, 1.1950
GBP/USD Bulls Are Looking Helpless
The British pound has suddenly grown weak against the dollar. This has brought some headwinds to the GBP/USD market, causing prices to nosedive. The lines of the RSI indicator are now converging at the lowest point of the oversold region. But at the same time, the MACD indicator lines keep falling below the equilibrium point, while its histogram bars continue to appear solid red. Consequently, these signs indicate that downward forces are strong in this market. The convergence of the RSI lines normally may be a sign of a possible pullback, but the MACD signs negate that possibility.
GBP/USD Is Consolidating on the 4-Hour Market
Sliding to the GBP/USD 4-hour market, it appears that price action has been trading sideways in an almost straight line. Also, technical indicators aren’t showing much optimism. A green dash price candle has just appeared for the ongoing session. The Stochastic RSI indicator lines are generally on a course toward the oversold region. Meanwhile, the MACD indicator indicates that even any available upside propensity is already declining. Consequently, this further dampens the prospect of any price increase in this market. As a result, traders can keep an eye out for any beneficial fundamental to this market, as prices appear poised to breach the price level of 1.2000.
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