Technical Analysis – GBPUSD loses steam above uptrend line
April 7, 2024 4:34 pm
GBPUSD retests mid-level of the range at 1.2670
20- and 50-day SMA post bearish cross
Technical oscillators move sideways
GBPUSD is losing momentum again after the pullback off the bearish crossover within the 20- and 50-day simple moving averages (SMAs) near the 1.2670 resistance level. The pair is testing the long-term ascending trend line and is holding within the medium-term trading range.
The technical oscillators are validating the neutral-to-bearish perspective as the MACD is continuing its descent below both its trigger and zero lines, while the RSI is moving horizontally below the neutral level of 50.
If the market experiences a significant decline below the bottom boundary of the range and the support line at 1.2495, the overall market view will become more pessimistic, potentially testing the resistance at 1.2370.
If there is a jump above the mid-level of the consolidation area at 1.2670, the pair may retest the 1.2820 barricade and then the six-month peak of 1.2892. A bullish wave above the aforementioned level could brighten the outlook to a more positive one.
In summary, GBPUSD currently lacks a definitive trend in the medium-term, and in the very short-term view the price is standing between the 200-day SMA and the bearish cross of the 20- and 50-day SMAs.
GBPUSD retests mid-level of the range at 1.2670
20- and 50-day SMA post bearish cross
Technical oscillators move sideways
GBPUSD is losing momentum again after the pullback off the bearish crossover within the 20- and 50-day simple moving averages (SMAs) near the 1.2670 resistance level. The pair is testing the long-term ascending trend line and is holding within the medium-term trading range.
The technical oscillators are validating the neutral-to-bearish perspective as the MACD is continuing its descent below both its trigger and zero lines, while the RSI is moving horizontally below the neutral level of 50.
If the market experiences a significant decline below the bottom boundary of the range and the support line at 1.2495, the overall market view will become more pessimistic, potentially testing the resistance at 1.2370.
If there is a jump above the mid-level of the consolidation area at 1.2670, the pair may retest the 1.2820 barricade and then the six-month peak of 1.2892. A bullish wave above the aforementioned level could brighten the outlook to a more positive one.
In summary, GBPUSD currently lacks a definitive trend in the medium-term, and in the very short-term view the price is standing between the 200-day SMA and the bearish cross of the 20- and 50-day SMAs.
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