GBP/USD Trade Is Under a Selling Pressure

GBP/USD Price Prediction – August 22
The present situation has it that the GBP/USD trade is under selling pressure as the currency pair price bargains around 1.1770. It is noticed that the market average negative percentage rate is at 0.45.

GBP/USD Market
Key Levels:
Resistance levels: 1.1900, 1.2000, 1.2100
Support levels: 1.1700, 1.1600, 1.1500

GBP/USD – Daily Chart
The daily chart reveals the GBP/USD market operation is under selling pressure below the sell signal sides of the SMAs. The bearish trend line drew to markdown the psychological points that the trade keeps to the downside. The 14-day SMA indicator is at 1.20520 underneath the 1.23579 value point of the 50-day SMA indicator. The Stochastic Oscillators have extended their southbound motions into the oversold region as they keep 0.00 and 2.12 range values within.
Should sellers continue with the exertion of new orders at this point in the GBP/USD market?
It is apparent that there has been an oversold reading condition in the GBP/USD market operation; sellers may have to be wary of exerting new shorting orders even though the currency pair trades are under selling pressure. Buyers need to wait for a re-emergence of a bullish candlestick to confirm a probable resumption buying cycle at a lower-trading end afterward.

On the downside of the technical, the GBP/USD market bears, at this point, have to consolidate their stances beneath the 1.1800 level. If a rebound eventually occurs between the 1.1770 and the value line earlier mentioned, short-position takers may be on the verge of losing positions in no time.

In summary, traders, especially the GBP/USD market buyers need to allow the market to run into a formation to suit an outlook that will portend exhaustion of the downward motion before reconsidering a selling order afterward.
GBP/USD 4-hour Chart
The GBP/USD medium-term chart reveals the currency pair market falls under selling pressure. The 14-day SMA indicator is at 1.19330 beneath the 1.20435 value line of the 50-day SMA indicator. The Stochastic Oscillators have dipped into the oversold region, keeping the range values of 20.56 and 19.79. And they are attempting to cross the lines southbound around the 20 range. That signifies that the trade still risks a drawdown in the following operation.


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