Bears Interrupt Bulls at $1.37 Level, Further Reduction Envisaged – Cryptovibes.com – Daily Cryptocurrency and FX News
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GBPUSD Price Analysis – January 27
In case the bears increase their momentum, it will decrease the price to penetrate $1.34 level which will push the price to test $1.31 and $1.30 price level. Should the bearish momentum is interrupted at $1.34, the price may break up the resistance level of $1.36, it will increase to $1.37 and $1.38 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: Bearish
GBPUSD is bearish on the daily chart. GBPUSD was on the bullish movement last two weeks. The resistance level of $1.37 was reached and the bulls’ pressure failed with the formation of evening star chart pattern. More pressure from the bears was observed with the formation of strong daily bearish candles. The former support level of $1.36 has turned to resistance. The bearish momentum may break down $1.34 level.
The price is trading below the 9 periods EMA and the 21 periods EMA which indicate that sellers are dominating the market. The relative strength index period 14 is at 40 levels with the signal lines pointing down to indicate sell signal. In case the bears increase their momentum, it will decrease the price to penetrate $1.34 level which will push the price to test $1.31 and $1.30 price level. Should the bearish momentum is interrupted at $1.34, the price may break up the resistance level of $1.36, it will increase to $1.37 and $1.38 price levels.
GBPUSD Medium-term Trend: Bearish
GBPUSD is on the bearish movement on the medium-term outlook. The bears put a temporal end to bullish movement in GBPUSD market. The resistance level of $1.37 holds and price could not penetrate the mentioned level upside. The price reversed and declining towards the support level of $1.34 after broke down $1.36 level.
The price is trading below the 9 periods EMA and the 21 periods EMA as an indication of bearish market. The relative strength index period 14 is at 20 levels displaying sell signal.
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