Baxia Markets
August 04, 2021

GBPUSD Meets Resistance 08/04/2021

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The price of GBPUSD has been through a big wave. The upward trend of the price started on July 20th; then, the price found a channel. The price has been hovering around 1.392 for five days. The price struggled to break out. 




The Stochastics just touched the overbought area and returned, which means the price already met resistance. The RSI indicator shows the same thing; it broke up the 70 levels and then went down. All of those showed the same signal; the price stopped hovering and started making a breakout. 


The MACD has already been in a downward trend which is considered a significant bearish signal. Also, the Ichimoku cloud goes up; and it almost touches the price line. When Ichimoku moves above the price line, the price could start to fall. Till now, some of the indicators show the beginning of the downward trend. We should keep our eyes on the price line and be ready for the breakdown. 


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