Drawing attention to the 4-hour chart, you can see that:
at the level of 1.31575 there is significant support for the British pound (GBP),
Since the beginning of the current day, bullish sentiment has dominated this currency pair …
GBP / USD. The limits of uncertainty have become a little wider …
GBP / USD
Now let’s look at the indicators:
The exchange rate is trapped between the moving average with a period of 55 (resistance level 1.3210) on the one hand and medium with periods of 144, 89 and 34 (support level 1.3185 / 825) on the other.
The MACD histogram has almost merged with its signal, as well as zero lines, and at the moment does not give clear signals.
The Stochastic Oscillator is in the neutral zone and forms a signal to buy the British pound (GBP), as the% K line rises above the% D line.
Since, to trust only one clear signal is extremely risky, as a confirmation that the bullish sentiment may increase in the forex market in this currency pair, you need to wait for the breakdown of the strong resistance level of 1.3225, which can open the way to the levels of 1.32725, 1.3300 / 10 and 1.3350 .
Otherwise, the currency will move within the price range of 1.31575 – 1.3225.
An alternative (‘bearish scenario’) of events will be ‘activated’ in case of a breakdown of a strong support level of 1.31575, after which quotes may drop to levels of 1.30975, 1.3060 and 1.3005.
Resistance Levels: 1.32025, 1.3210, 1.3225, 1.32525, 1.32725, 1.3300 / 10, 1.3350, 1.3380
Current price: 1.3192
The levels of support: 1.3185 / 825, 1.3175, 1.31575, 1.3140, 1.30975, 1.3060, 1.30175, 1.3005, 1.2960