GBP/USD Price Prediction – September 20
The overall trading outlook of the GBP/USD market portends the currency pair price trades in a bearish cycle over a long session. Today’s several hours have produced a trading zone characterized by the high and low of 1.14606 and 1.14087, with a minute positive percentage rate of 0.15 as of the time of writing.
GBP/USD Market
Key Levels:
Resistance levels: 1.1650, 1.1750, 1.1850
Support levels: 1.1300, 1.1200, 1.1100
GBP/USD – Daily Chart
The daily chart reveals the GBP/USD market price trades in a bearish cycle, using the trend line of the smaller SMA as a yardstick to decide when a decent downward move will take its course at a high-trading zone afterward. The 14-day SMA indicator is at 1.16504, underneath the 1.20870 line of the 50-day SMA indicator. The Stochastic Oscillators have slantingly swerved southbound from the 80 range to reach 49.20 and 47.49 range values. A bullish candlestick is in the making to show that the market can rally back to a high resistance point for testing purposes.
What may have to be traders’ approach by now as the GBP/USD price seems to rally to a high point?
Traders’ approach in the GBP/USD market operations, for now, has to be that they need to wait for what will be the price reaction around the trend line of the 14-day SMA as the currency pair price trades in a bearish cycle. Therefore, buyers have the chance to ride along an upward swing back to resistance around the trend line of the smaller SMA.
On the downside of the technical analytics, the GBP/USD market sellers are to be patient to have other rounds of convergence around the trend line of the smaller SMA. Short-position placers can place a sell limit order around the value line of the 14-day SMA, adhering to the principles of stop loss order also.
In summary, the GBP/USD market’s trading trend yet portends selling force will prevail if bulls lack the energy to push up sustainably past the SMA indicators in the medium or long-term runs afterward.
GBP/USD 4-hour Chart
The GBP/USD medium-term chart showcases the currency pair price trades in a bearish cycle. The 50-day SMA indicator positions at the 1.15770 resistance value line over the 1.14591 value point of the 14-day SMA indicator. The Stochastic Oscillators are in the overbought region after reaching 99.18 and 99.46 range values. That signifies the gravitational pressures to back some of the subsequent uprisings at the current trading capacity may be less active. And the prolongation of such presumption can abysmally result in a declination movement afterward.
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