GBPUSD Price Awaiting a Breakout at $1.36 Level – Cryptovibes.com – Daily Cryptocurrency and FX News
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GBPUSD Price Analysis – February 10
In case 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. Inability to increase the bulls’ momentum, the price may decrease to the support level of $1.34, which 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 week. The bears took over the market at $1.37 on January 13 when a pin bar formed at the level. Bearish candles were produced and the price decline to $1.34 support level. Morning star candle formed and the price started an increase movement to test the resistance level of $1.36 last week. The momentum of both bears and bulls became weak and the price commences a consolidating movement.
The price is trading at the close contact to 9 periods EMA and the 21 periods EMA which indicate that sellers’ and buyers’ momentum is weak. The relative strength index period 14 is at 50 levels with the signal lines parallel to the level. In case 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. Inability to increase the bulls’ momentum, the price may decrease to the support level of $1.34, which may decrease to $1.31 and $1.30 price levels.
GBPUSD Medium-term Trend: Ranging
GBPUSD is on the ranging movement on the medium-term outlook. The currency pair started a bullish movement on January 31. The price increases towards the resistance level of $1.36. The mentioned level holds and the price pulled back but bears lose momentum and the bulls’ pressure became weak. The price started a consolidating movement at the moment.
The price is trading around the 9 periods EMA and the 21 periods EMA as an indication that consolidation is in progress. The relative strength index period 14 is at 50 levels displaying buy signal.
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