GBP/USD Pair has Finally Settled at 1.1900

Until yesterday, the trading value of the pair had been moving in a downward direction. The trading value of GBP/USD had been suffering from a constant dip until the pair ended up falling to 1.1900. This is where the GBP/USD pair tried hard to stick but lost its footing and dropped below the particular mark.

GBP/USD Pair Settles at Support Level

The recent developments have helped the pair save itself from losses and it successfully settled above the support mark (1.1900). By settling at 1.1900 and then moving higher, the pair was able to cover the losses it had incurred during the dip.

Today, the pair has continued climbing higher and for now, it is in the upper zone. The performance chart shows that the value of the GBP/USD pair fell below 1.1900. The price of the pair continued dipping and it hit a very low mark.

Finally, the pair was able to make a rebound and its value started to rise higher. The graph shows that the trading value of the pair went all the way up to 1.1950.

Current Situation of GBP/USD

At the moment, the pair is hovering closer to the key support level, which is 1.1920. It is also referred to as the 50-period SMA for the pair. The four-hour chart shows that if the pair starts falling deeper, then it may find its footing at the interim support level, which is at 1.1900.

The 1.1900 mark is also referred to as the psychological level for the pair. If the situation doesn’t go in favor of the pair, then its value may continue plummeting before settling at a lower support level. For now, the lower support level for the pair is at 1.1800.

The Upside Movement of GPB/USD Pair

If the situation gets better for the pair, then the next target GBP/USD may succeed in hitting would be 1.1975. The four-hour chart shows that these are the 50-period and 20-period SMAs for the pair.

As the value of the pair keeps growing stronger, then the first resistance level it may hit would be at 1.2000. The 1.2000 mark currently refers to the psychological mark for the pair. If the bulls are able to handle the resistance well at 1.2000, then the next resistance level the pair may rise to would be 1.2060.

Then comes the RSI for the pair, which is still hovering in the negative zone, to be precise, below score 50, which is an indication of a bearish run.

Given the current circumstances, it is highly likely that the sellers may increase their selling activity to pull the pair lower. In the upcoming days, major US-based companies will be posting their earnings. It is highly anticipated that the earnings will be above expectations, thus, more investments will be made in the US stock markets.

This would eventually strengthen the dollar and the pair may pull lower.