A technical reversal to the upside for Pound Sterling

The GBPUSD currency pair on the 4 Hours Chart has been in an uptrend since 23 May 2019 when it registered the low price at 1.26052. On 27 May 2019, the GBPUSD currency pair recorded the high price of 1.27437. Applying Oscillator Analysis on the price chart, one can notice that price is trading below the SMA 60 period Moving Average line, a fact that confirms the downward direction of Pound Sterling. Furthermore, the MACD (Moving Average/Convergence Divergence) Oscillator is recording values above the zero line which hints to the bullish bias of the financial instrument. Additionally, the RSI (Relative Strength Index) Oscillator registers values above the fifty line which indicates positive sentiment. The three technical indicators display mixed signals about the direction of the financial instrument. Applying the Fibonacci tool on the price chart, three price targets may be calculated. The first price target is estimated at 1.27489 (161.8%). The second price target is seen at 1.28377 (261.8%). The third price target is projected at 1.29814 (423.6%). The Pound Sterling is currently trading above the uptrend line. The presence of the Long White Body hints for a potential rally to the upside. Of course, supply and demand as well as the crowd sentiment will determine the course of Pound Sterling.