GBPUSD Price May Retest Previous Low at $1.29 Level – Cryptovibes.com – Daily Cryptocurrency and FX News
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GBPUSD Price Analysis – April 07
When bears increase their pressure, price may break down the support level of $1.30 which may decrease the price towards the support levels at $1.29 and $1.28. An interruption of the bearish momentum by the bulls may increase the price towards the resistance levels at $1.30, $1.31 and $1.32. .
GBPUSD Market
Key levels:
Resistance levels: $1.30, $1.31, $1.32
Support levels: $1.29, $127, $126
GBPUSD Long-term trend: Bearish
GBPUSD is bearish on the daily chart. GBPUSD decreases to the support level of $1.29 on March 15 under the pressure of the sellers. The currency pair was under the bears’ control for more than two weeks. Bulls were gathering momentum last two weeks to dominate the market with the formation of bullish engulfing candles. The price increased to $1.32 level on March 22. The bears interrupt the price increase and it is declining toward the previous low at $1.29.
GBPUSD is currently trading below the 9 periods EMA and 21 periods EMA, which indicate an increase in the bears’ momentum. The relative strength index period 14 is at 39 levels with the signal lines pointing upside to indicate buy signal. When bears increase their pressure, price may break down the support level of $1.30 which may decrease the price towards the support levels at $1.29 and $1.28. An interruption of the bearish momentum by the bulls may increase the price towards the resistance levels at $1.30, $1.31 and $1.32.
GBPUSD Medium-term Trend: Ranging
GBPUSD is on the ranging movement in the medium-term outlook. The bullish momentum became weak when the price tested the resistance level of $1.31. The support level of $1.30 is holding the price and the bears are struggling to penetrate the level. Ranging movement is ongoing within two levels mentioned above.
The price is trading over and around the 9 periods EMA and the 21 periods EMA as an indication of consolidating market. The relative strength index period 14 is at 42 levels displaying no specific direction.
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