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​Pound Trying to Reverse the Downtrend

GBPUSD : Daily Chart

British Pound seems like reversing the downtrend to uptrend on the daily chart. After declining to the support level at 1.6054 the pair GBPUSD revived trimming its losses and now following a rising channel pattern. It broke above the support at 1.6828 and now trading in the upper zone with resistance at 1.6523 and support at 1.6282. If the pair is able to hold the gains and is able to rise above the 50 day and 200 day SMA we might see the bullish trend strengthening up but if the pair declines from the resistance at 1.6523 and break below the rising support trend line of the channel the bearish trend continue to weigh. However the 50 day SMA crossing below the 200 day SMA continues to show the bearish trend.

GBPUSD : Daily Chart

If we draw Fibonacci levels on the chart, the pair tried to cross above the 38.2 fib level but declined. If the pair is able to hold gains above the 23.6 fib level we might again see pair attempting to rise above the 38.2 fib level. declining below the 23.6 fib level will strengthen the bearish trend.

GBPUSD : 4 Hour Chart

On the 4 hour chart, the pair seems like facing support from the rising support trend line and if continues to hold above it, might continue to post some gains. However the gains seems limited as 200 day SMA might prevent the pair in rising further. So the pair might break below the rising support trend line bringing the bearish trend again in picture.