GBPUSD Price May Break Up $1.37 Resistance Level to Continue a Bullish Trend – Cryptovibes.com – Daily Cryptocurrency and FX News
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Annual Forecast for GBPUSD (2022)
When the Bulls increase their momentum and break up the $1.37 resistance levels, then, $1.40 level will be tested, this may extend to $1.42 level. In case the resistance level at $1.32 resistance level hold, GBPUSD price may decrease towards the $1.31, $1.27 and $1.23 levels.
GBPUSD Market
Key levels:
Resistance levels: $1.37, $1.40, $1.42
Support levels: $1.31, $1.27, $1.23
GBPUSD Long-term trend: Bullish
GBPUSD is bullish on the monthly chart. Last year, the currency pair followed the bullish movement that commenced two years ago. The resistance level of $1.42 was reached and that is the high of last year in the GBPUSD market. The price commenced a bearish trend in June last year when a strong bearish candle emerged at the just mentioned level. The price decreased and tested the support level of $1.31. GBPUSD bounces up the support level of $1.31 in December. The price may continue an uptrend movement in 2022.
The price has crossed the 9 periods EMA and trying to penetrate 21 periods EMA upside while the former remains above the later EMAs which indicate an increase in the bulls’ momentum. The relative strength index period 14 is above 50 levels with the signal lines bending towards north to indicate buy signal. When the Bulls increase their momentum and break up the $1.37 resistance levels, then, $1.40 level will be tested, this may extend to $1.42 level. In case the resistance level at $1.32 resistance level hold, GBPUSD price may decrease towards the $1.31, $1.27 and $1.23 levels.
GBPUSD Medium-term Trend: Bullish
GBPUSD is on the bullish movement on the weekly chart. At the support level of $1.31, the price action on the weekly chart formed a “W” chart pattern. Last six weeks, the currency pair found support at $1.31, the price reverses and increase towards the resistance level of $1.37. The price may continue an increase to $1.42 level.
The price is trading above 9 periods EMA and the 21 periods EMA. The relative strength index period 14 is above 50 levels displaying bullish price direction.
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