Support Level of $1.29 Holds, Price May Reverse – Cryptovibes.com – Daily Cryptocurrency and FX News
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GBPUSD Price Analysis – April 21
In case the bulls increase their momentum, it will increase the price to penetrate $1.30 level which will push the price to test $1.31 and $1.32 price level. Should the bears defend the resistance level of $1.30, price may break down the support level of $1.29, it will decrease to $1.28 and $1.27 price levels.
GBPUSD Market
Key levels:
Resistance levels: $1.30, $1.31, $1.32
Support levels: $1.29, $1.28, $1.27
GBPUSD Long-term trend: Bearish
GBPUSD is bearish on the daily chart. GBPUSD continue to be under the bears’ pressure as more bearish candles are emerging. It seems the bears’ pressure is getting low; the price found support at $1.29 and the support level is resisting the bears’ pressure. Today, the bulls and bears are struggling with each other and the price is ranging within $1.30 and $1.29 levels. The price may bounce away from the support level of $1.29.
The price is trading around the 9 periods EMA and the 21 periods EMA which indicate that buyers and sellers are struggling in the market. The relative strength index period 14 is at 43 levels with the signal lines pointing down to indicate sell signal. In case the bulls increase their momentum, it will increase the price to penetrate $1.30 level which will push the price to test $1.31 and $1.32 price level. Should the bears defend the resistance level of $1.30, price may break down the support level of $1.29, it will decrease to $1.28 and $1.27 price levels.
GBPUSD Medium-term Trend: Ranging
GBPUSD is on the ranging movement on the medium-term outlook. The bears’ momentum is getting exhausted at $1.29 support level. The price consolidating within the mentioned level and $130 resistance level. GBPUSD is awaiting a breakout. Bearish movement may seize if $1.29 level holds.
The price is trading within and around the 9 periods EMA and the 21 periods EMA as an indication of ranging market. The relative strength index period 14 is at 49 levels displaying no specific direction.
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