FX.co ★ Fxcaptain | GBP/USD

T E C H N I C A L _ A N A L Y S I S G B P / U S D Hello, today I picked GBP/USD for technical analysis and we will analyze the price action of GBP/USD for today. GBP/USD is trading at 1.2366 at the time of writing. According to the indicator’s confirmations, and my analysis, the price is trying to start bearish movements. So, it has chances to test the upper support levels. The Relative Strength Index (RSI) is moving below the 40 level. It represents the bearish strength of the market. At the same time, the moving average convergence divergence (MACD) indicator is between -0.00078 and -0.00178. Looking at the moving average convergence divergence (MACD) indicator, the market is expected to fall to the support level. Exponential Moving Average 20 is moving below the Exponential Moving Average 50 according to this time frame. The 50-day exponential moving average and the 20-day exponential moving average are currently below the market and our resistance.

The first major resistance is near 1.2391. It is possible that the pair breaks above this level, in which case its rise could continue with the 1.2496 level as a potential growth target. After that, if the current position continues the bullish movements, then the cost can reach and test above the 1.2575 resistance level which is the 3rd level of resistance. On the other hand, on this time frame chart, the 1st strong support is at the level of 1.2200. A clear break below the 1.2200 level would push the market price toward the 1.1900 level which is the 2nd level of support. After that, if the market breaks the support level, it will continue downward to the third level of support. Overall, after closing this candle below 1.2200, the pair may drop very quickly to the support at 1.1600. The indicators used in the chart: MACD indicator: RSI indicator period 14: 50-day exponential moving average color Orange: 20-day exponential moving average color Magenta: