GBPUSD Price May Rally Above $1.35 Level as Bullish Momentum Increases
GBPUSD Price Analysis – December 30
Should the Bulls increase their momentum and break up the resistance level of $1.35 then, $1.36 level will be tested, this may extend to $1.37. In case the resistance level at $1.35 holds, GBPUSD price may decline further 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. GBPUSD was under the bears’ pressure till December 20. The bears dominated the market with the formation of strong and big bearish candle that pushed down the price to the support level at $1.31 as a price retracement. On December 21, the bulls returned to the market and the price increases above the dynamic resistance levels.
The price is trading above the two EMA at distance with the 9 periods EMA above the 21 periods EMA which indicate bullish momentum. The relative strength index period 14 is at 60 levels with the signal lines exhibiting bullish price direction. Should the Bulls increase their momentum and break up the resistance level of $1.35 then, $1.36 level will be tested, this may extend to $1.37. In case the resistance level at $1.35 holds, GBPUSD price may decline further towards the $1.34, $1.33 and $1.31 levels.
GBPUSD Long-term trend: Bullish
GBPUSD is bullish on the daily chart. GBPUSD was under the bears’ pressure till December 20. The bears dominated the market with the formation of strong and big bearish candle that pushed down the price to the support level at $1.31 as a price retracement. On December 21, the bulls returned to the market and the price increases above the dynamic resistance levels.
The price is trading above the two EMA at distance with the 9 periods EMA above the 21 periods EMA which indicate bullish momentum. The relative strength index period 14 is at 60 levels with the signal lines exhibiting bullish price direction. Should the Bulls increase their momentum and break up the resistance level of $1.35 then, $1.36 level will be tested, this may extend to $1.37. In case the resistance level at $1.35 holds, GBPUSD price may decline further 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 found support at $1.31 level. It bounces up towards the resistance level of $1.33. The price broke up the just mentioned level and $1.34 level. At the moment, GBPUSD is heading towards $1.35 level. Bulls are trying to push up the price.
The price is trading above 9 periods EMA and the 21 periods EMA.. The relative strength index period 14 is at 60 levels displaying buy signal.
Source: www.financialpost.com