Bullish Movement Commences at Support Level of $1.31 – Cryptovibes.com – Daily Cryptocurrency and FX News
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GBPUSD Price Analysis – December 23
Should the bears defend the resistance level of $1.34, price may break down the support level of $1.33, it will decrease to $1.31 and $1.30 price levels. In case the bulls increase their momentum, it will increase the price to penetrate $1.34 level which will push the price to test $1.35 and $1.36 price level.
GBPUSD Market
Key levels:
Resistance levels: $1.34, $1.35, $1.36
Support levels: $1.33, $1.31, $1.30
GBPUSD Long-term trend: Bullish
GBPUSD is bullish on the daily chart. GBPUSD discontinue to be under the bears’ pressure as bearish momentum failed at the support level of $1.31. The bears’ pressure is low; the price could not break down the support at $1.31. Bullish engulfing candle was produced on December 21 and the price increases. Today, the bulls are gaining more momentum and they dominate the market. The price has broken up the resistance level of $1.33 targeting $1.3 level.
The price is trading above the 9 periods EMA and the 21 periods EMA which indicate that buyers are dominating the market. The relative strength index period 14 is above 50 levels with the signal lines pointing up to indicate buy signal. Should the bears defend the resistance level of $1.34, price may break down the support level of $1.33, it will decrease to $1.31 and $1.30 price levels. In case the bulls increase their momentum, it will increase the price to penetrate $1.34 level which will push the price to test $1.35 and $1.36 price level.
GBPUSD Medium-term Trend: Bullish
GBPUSD is on the bullish movement on the medium-term outlook. The bulls increase their momentum as the bears’ momentum was getting exhausted at $1.31 support level. The price soars towards north and break up the resistance level of $1.33. It is currently targeting $1.34 level.
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 70 levels displaying strong buy signal.
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