Equal Buyers’ and sellers’ Momentum – Cryptovibes.com – Daily Cryptocurrency and FX News
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GBPUSD Price Analysis – February 23
In case the bulls were able to increase their momentum, it may increase the price to break up the $1.360 level which will push it to test $1.364 and $1.368 levels. Inability to break up the resistance level of $1.360 by the bulls may decrease the price to the support level of $1.350, which may decrease to $1.344 and $1.336 price levels.
GBPUSD Market
Key levels:
Resistance levels: $1.360, $1.364, $1.368
Support levels: $1.350, $1.344, $1.336
GBPUSD Long-term trend: Ranging
GBPUSD is ranging on the daily chart. The bullish movement started on January 28 at the support level of $1.336 could not continue as expected. GBPUSD increased to the resistance level of $1.364 on February 10, it pulled back to retest the support level of $1.350. Several attempt made by the bulls to break up the resistance level of $1.364 but the bears are defending the level. The price is currently ranging within $1.364 and $1.350 levels.
The price is trading slightly above the 9 periods EMA and the 21 periods EMA which indicate that buyers’ momentum is weak. The relative strength index period 14 is at 54 levels with the signal lines displaying no specific direction. In case the bulls were able to increase their momentum, it may increase the price to break up the $1.360 level which will push it to test $1.364 and $1.368 levels. Inability to break up the resistance level of $1.360 by the bulls may decrease the price to the support level of $1.350, which may decrease to $1.344 and $1.336 price levels.
GBPUSD Medium-term Trend: Ranging
GBPUSD is on the ranging movement on the medium-term outlook. The currency is range-bound within the resistance level of $1.360 and support level of $1.350. The ranging movement commenced last two weeks. At the moment, the price is trying to break up the barrier at $1.360. It is consolidating around the just mentioned resistance level.
The price is trading around the 9 periods EMA and the 21 periods EMA as an indication that bulls and bears momentum are equal.
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