The GBP/USD currency pair on the 4-hour time frame has been following a downtrend recently. The price slides to 1.30237 on 18 April, registering the lowest level in 2-weeks. Lack of direction regarding Brexit developments played a major role in recent price action as the price is struggling to hold above 1.31000. Bears eyeing the key psychological level of 1.3000 in order to push the price lower. A break below 1.3000 will open doors for further selling pressure. Price is currently below the 200-period moving average with negative MACD.
The 4-hour chart of the GBP/USD confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the GBP/USD. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment in the market.
In alternative scenario, key resistance level lies at 1.31348. Bulls must break this level in order to regain bullish sentiment in the market.
The 4-hour chart of the GBP/USD confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the GBP/USD. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment in the market.
In alternative scenario, key resistance level lies at 1.31348. Bulls must break this level in order to regain bullish sentiment in the market.