GBPUSD Price May Retest $1.34 Level Before Bullish Trend Continues – Cryptovibes.com – Daily Cryptocurrency and FX News
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GBPUSD Price Analysis – January 06
When the Bulls increase their momentum and break up the $1.35 resistance levels, then, $1.36 level will be tested, this may extend to $1.37 level. In case the resistance level at $1.35 resistance level hold, GBPUSD price may decrease towards the $1.34, $1.33 and $1.31 levels.
GBPUSD Market
Key levels:
Resistance levels: $1.35, $1.36, $1.37
Support levels: $1.34, $1.33, $1.31
GBPUSD Long-term trend: Bullish
GBPUSD is bullish on the daily chart. The currency pair has formed a double bottom chart pattern last two weeks at the support level of $1.31. The first touch was carried out on 08 December, it pulled back to retest the $1.33 level. GBPUSD price retest the support level at $1.31 second time on 20 December. The bulls started pushing up the price towards the resistance level at $1.35 after it broke up $1.33 and $1.34 levels.
The price has crossed the 21 periods EMA and 9 periods EMA upside while the former remains below the later EMAs which indicate an increase in the bulls’ momentum. The relative strength index period 14 is at 60 levels with the signal lines bending towards south to indicate sell signal which may be a pullback. When the Bulls increase their momentum and break up the $1.35 resistance levels, then, $1.36 level will be tested, this may extend to $1.37 level. In case the resistance level at $1.35 resistance level hold, GBPUSD price may decrease towards the $1.34, $1.33 and $1.31 levels.
GBPUSD Medium-term Trend: Bullish
GBPUSD is on the bullish movement on the medium-term outlook. The price action on the 4-hour chart has formed a “W” chart pattern. Last two weeks, the currency pair found support at $1.31, the price reverses and increase towards the resistance level of $1.35 after penetrating the $1.34 and the dynamic resistance level. The price has increased to test the $1.35. The just mentioned level holds and it is pulling back at the moment.
The price is trading below 9 periods EMA and the 21 periods EMA. The relative strength index period 14 is at 50 levels displaying bearish price direction.
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