FX.co ★ IgniteTrade | GBP/USD

GBPUSD Forecast: Hi all, In the GBP/USD h4 time frame, the market price is in a downtrend, and it is in a sell momentum. At the time of writing, the market price is at a support level, and a very strong support level is being breached at 1.33580. GBP/USD. Now in the event that the market does not read the support, a pullback to the corrections at 1.33510 will likely occur. However, Upon breaking this retracement level, the price may wait until the 1.33190 resistance level. Based on these charts, the RSI clock indicator has started to break above the 40 levels, Although suggesting a potential break out of this support level. And observe the moving averages used in the chart: they are well above resistance, and the market may reach them. Unless this support level is broken, further all indicators used in the chart indicate a rise in market price.

According to the GBP/USD h1 time frame, the market price is currently down-trending, contributing to the trendline price drop. Using this trendline, the counts are falling. As we can see at the moment, the price is at a support level; after all, if it does not break this support, it may rise again and hit the 1.33790 resistance and trend line. So assuming that the GBP/USD market price breaks the resistance and trend line, furthermore, it will confirm that the price can move to the next resistance level in the coming period. In fact, Granted that you look at the RSI indicator used on the chart, it started to move above the 70 level. Currently, the market price has fallen sharply below the 90-day simple moving average. Thus all the indicators used to show which one is likely to rise in the coming period.