GBP/USD Price Prediction – May 24
It is gathering that the GBP/USD market price tends to run back into a decline as it has been trying to cultivate a push past a psychological point around the 1.2600. Price has traded between 1.2598 and 1.2547 value lines at a minimal percentage of 0.11 negative.
GBP/USD Market
Key Levels:
Resistance levels: 1.2700, 1.2900, 1.3100
Support levels: 1.2400, 1.2200, 1.2000
GBP/USD – Daily Chart
The GBP/USD daily chart reveals the currency pair price tends to run back into a decline as there has been an overbought reading condition in the current market’s trading outlook. Price has reached the trend line of the 14-day SMA from the beneath as the 50-day SMA is above it. The Stochastic Oscillators have penetrated the overbought region deeply, giving a signal countering the probability of getting more stable ups in the subsequent trading sessions.
Will the GBP/USD market push past above the 1.2600 level sustainably soon afterward?
Technically, it indicated the GBP/USD market appears; unable to be pushed above the 1.2600 level sustainably soon afterward as the price is trading under an overbought-trading condition. Based on that, it will require long-position placers and a lot of effort to make headway at the current point of trading to achieve a continuation in its recently embarked recovery move.
On the downside of the technical analysis, the GBP/USD market may have to brace up for another round of significant drawdown, as it did happen a couple of sessions back around the 1.2600 level. The stage appears to get set while a bearish candlestick eventually emanates, pushing down through the penultimate bullish candlesticks around the trend line of the 14-day SMA to consider launching a sell order.
Summarily, the GBP/USD market traders may now have to be on the lookout for an active correctional movement around the 1.2700 resistance level to be able to sight a decent selling order position entry in the long-term run.
GBP/USD 4-hour Chart
The GBP/USD medium-term chart reveals the currency pair price tends to run back into a decline as it has touched a higher resistance around the bearish trend line drawn. The 14-day SMA indicator has moved northward to conjoin with the 50-day SMA indicator. The Stochastic Oscillators have crossed southward from the overbought region. And they are still pointing toward the south direction to indicate the possibility of trending back downward.
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