The $ 1.3800 level is a stronghold to block the rise of GBP/USD - Kakiforex.com - Financial Market Media No. 1 in the World The $ 1.3800 level is a stronghold to block the rise of GBP/USD The $ 1.3800 level is a stronghold to block the rise of GBP/USD

April 16, 2021

The $ 1.3800 level is a stronghold to block the rise of GBP/USD

 The price movement on the GBP/USD currency pair chart indicates a gloomy bullish momentum heading into the weekend.


The price still failed to pass the level of 1.38000 in the SBR zone (support become resistance) after being tested several times.


The Pound is still seen as risky in the market causing relatively limited gains, but is supported by the continued depreciation of the US dollar following falling US treasury yields.


However, the Asian session on Friday saw the US dollar strengthen slightly again and has pushed the price on the GBP/USD chart lower again from the SBR zone of 1.38000.


The price has also moved below the Moving Average 50 (MA50) barrier level in the 1 hour time frame of the price movement for the initial signal for the price to start the decline.


The lower decline is seen to return to the price support zone below the 1.37000 level which supported the upside this week and last week.



The next decline will be to the support zone 1.36000 for the price to record the latest 2 -month low.


If the price manages to continue rising, the SBR zone 1.38000-1.38300 needs to be broken before heading to the high reached at the beginning of last week almost around 1.39200.


Next, the price is expected to return to the focus resistance zone at 1.40000 which has still failed to be broken since last March trading.