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GBPUSD Price Analysis – March 24

An interruption of the bullish momentum by the bears may decrease the price towards the support levels at $1.31, $1.30 and $1.29 levels. An increase in the bulls’ pressure may break up the resistance level of $1.32 which may increase the price towards the resistance levels at $1.33 and $1.34.

GBPUSD Market

Key levels:

Resistance levels: $1.32, $1.33, $1.34

Support levels: $1.31, $1.30, $1.29

GBPUSD Long-term trend: Bullish

GBPUSD is bullish on the daily chart. The bears pushed down the price to reach the low of $1.29 on 14 March. The bulls defended the support level of $1.29 with the formation of bullish engulfing candle. The currency pair increased and tested the resistance level of $1.32 on March 22. The price pulling back to retest the previous support level.

GBPUSD is currently trading below the 9 periods EMA and it is targeting the 21 periods EMA which indicate a decrease in the bulls’ momentum.  The relative strength index period 14 is at 44 levels with the signal lines pointing downside to indicate sell signal. An interruption of the bullish momentum by the bears may decrease the price towards the support levels at $1.31, $1.30 and $1.29 levels. An increase in the bulls’ pressure may break up the resistance level of $1.32 which may increase the price towards the resistance levels at $1.33 and $1.34.

GBPUSD Medium-term Trend: Bullish

GBPUSD is on the bullish movement in the medium-term outlook. The currency price reached the support level of $1.30 last week. The just mentioned level holds and the price reverses. The price increased and broke up the former resistance level of $1.30 and $1.31. It tests the resistance level of $1.32 on 23 March. It is currently pulling back to test $1.31 level.

The price is trading below the 9 periods EMA and the 21 periods EMA as an indication of bearish market which may be a pullback. The relative strength index period 14 is at 48 levels pointing down to indicate sell signal.