GBPUSD Price Tests $1.30 Support Level, Potential Bullish Reversal Level – Cryptovibes.com – Daily Cryptocurrency and FX News
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GBPUSD Price Analysis – March 10
Further increase in the bulls’ pressure may break up the resistance level of $1.31 which may increase the price towards the resistance levels at $1.32 and $1.33. Below the current price are the barriers at $1.30, $1.29 and $1.28 support levels.
GBPUSD Market
Key levels:
Resistance levels: $1.31, $1.32, $1.33
Support levels: $1.30, $1.29, $1.28
GBPUSD Long-term trend: Bearish
GBPUSD is bearish on the daily chart. The currency pair was on the ranging movement last two weeks. The bears prevailed over the bulls by breaking down the support level of $1.34 and $1.33 with the formation of strong bearish daily candles. GBPUSD declines further to test the low of December at $1.31 support level. Further price decrease experienced on March 07 and $1.30 was tested.
GBPUSD is currently trading below the 9 periods EMA and the 21 periods EMA at distance which indicate a bearish market. The relative strength index period 14 is at 34 levels with the signal lines pointing upside to indicate buy signal. Further increase in the bulls’ pressure may break up the resistance level of $1.31 which may increase the price towards the resistance levels at $1.32 and $1.33. Below the current price are the barriers at $1.30, $1.29 and $1.28 support levels.
GBPUSD Medium-term Trend: Bullish
GBPUSD is on the bullish movement in the medium-term outlook. The bearish trend commenced on February 21 when the bulls pushed up the price and tested the resistance level of $1.35. The mentioned level holds and a bearish engulfing candle formed. This is what triggered a downtrend in the 4-hour chart. The price found support at $1.31 on March 07. The price is bouncing up as an indication to commence a bullish movement.
The price is trading above the 9 periods EMA and the 21 periods EMA as an indication of bullish market. The relative strength index period 14 is at 46 levels pointing up to indicate buy signal.
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