https://ift.tt/iWfSAUgoM Price May Pull Back at $1.36 Before Bullish Trend Continues – Cryptovibes.com – Daily Cryptocurrency and FX News

GBPUSD Price Analysis – February 03

Should the bulls increase their momentum, it will increase the price to break up the $1.36 level which will push the price to test $1.37 and $1.38 price level. Should the bullish momentum is interrupted at $1.36, the price may decrease to the support level of $1.34, it may decrease to $1.31 and $1.30 price levels.

GBPUSD Market

Key levels:

Resistance levels: $1.36, $1.37, $1.38

Support levels: $1.34, $1.31, $1.30

GBPUSD Long-term trend: Bullish

GBPUSD is bullish on the daily chart. GBPUSD was on the bearish movement last two weeks. A pin bar formed at the resistance level of $1.37 on 13 January. The bulls could not break up the mentioned level. Bearish candles formed and the price decline to $1.34 support on 27 January. Morning star candle formed and the price started to increase towards $1.36. Today, a bearish candle open the market, indicating that price will pull back before bullish movement continues.

The price is trading at the close contact to 9 periods EMA and the 21 periods EMA which indicate that sellers are increasing their momentum. The relative strength index period 14 is above 50 levels with the signal lines pointing down to indicate sell signal. Should the bulls increase their momentum, it will increase the price to break up the $1.36 level which will push the price to test $1.37 and $1.38 price level. Should the bullish momentum is interrupted at $1.36, the price may decrease to the support level of $1.34, it may decrease to $1.31 and $1.30 price levels.

GBPUSD Medium-term Trend: Bullish

GBPUSD is on the bullish movement on the medium-term outlook. After the bears put a temporal end to bullish movement in GBPUSD market at resistance level of $1.37. The price decreased and tested the support level of $1.34 on 28 January. The bears lose momentum and the bulls gain more strength and the price increases towards $1.36 resistance level.

The price is trading above the 9 periods EMA and the 21 periods EMA at close contact as an indication that price may pull back. The relative strength index period 14 is above 60 levels displaying sell signal.