GBPUSD Price May Break Up Resistance Level of $1.37 – Cryptovibes.com – Daily Cryptocurrency and FX News
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GBPUSD Price Analysis – January 20
The buyers should expect barriers at $1.37, $1.38, and $1.34 price levels. Should the sellers interrupt the bullish movement at $1.37 supply level, then, price may face the support levels at $1.36. $1.34 and $1.31.
Key levels:
Supply levels: $1.37, $1.38, $1.34
Demand levels: $1.36, $1.34, $1.31
GBPUSD Long-term Trend: Bullish
Bullish trend takes place on the long-term outlook. GBPUSD price action formed a double bottom chart pattern at $1.31 support level. The price broke up the resistance levels of $1.34 and $1.36. The resistance level of $1.37 was tested on January 13. At the same level an evening star chart pattern formed and the price pulled back to retest the support level of $1.36. Price may still go up after retracement.
The former supply level of $1.36 has turned to the demand level after the bullish breakout. There is tendency for the bulls to continue dominating the GBPUSD market as more bullish candles are produced. The buyers should expect barriers at $1.37, $1.38, and $1.34 price levels. Should the sellers interrupt the bullish movement at $1.37 supply level, then, price may face the support levels at $1.36. $1.34 and $1.31. Trading is going on above the two EMAs where the 9 periods are above 21 periods which indicates an increase in the bulls’ momentum.
GBPUSD Medium-term Trend: Bullish
GBPUSD is bullish on the 4-hour chart. The buyers eventually prevailed over the sellers after the formation of “W” chart pattern. The price broke up $1.34 price level and rally towards the supply level of $1.37 with pullback caused by the sellers at just mentioned.
The 9 periods EMA is crossing the 21 periods EMA to the upside and the price is trading above the two EMAs; this indicates that the bulls are in control of the GBPUSD market. Further increase in the bulls’ momentum is envisaged and $1.37 price level may be penetrated. The Relative strength index period 14 is above 50 levels with the signal line pointing upside indicating a buy signal.
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