GBPUSD Price Pulls Back at a Significant Resistance Level – Cryptovibes.com – Daily Cryptocurrency and FX News

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GBPUSD Price Analysis – February 04

When the bears exert more pressure and push the price below the $1.35 level and it closes below it, the key resistance level of $1.32 and $1.30 may be tested. Should the support level of $1.35 hold; the price may continue a bullish trend towards $1.38 and $1.40 provided $1.37 does not hold.

Key levels:

Supply levels: $1.37, $1.38, $1.40
Demand levels: $1.35, $1.32, $1.30

GBPUSD Long-term Trend: Bullish

On the daily chart, GBPUSD is bullish. The currency pair has been under the control of the bulls for many days. The bulls maintain their momentum on the daily chart though the bullish momentum is getting weak and that is why the currency pair is gradually moving below the support level of $1.35. Initially, before the BOE meeting, the price descends to test the support level of $1.35. During the BOE meeting, the price rallies toward the resistance level of $1.37. The mentioned level was tested and currently pulling back.

The price is repelling from the resistance level of $1.37 at the moment. GBPUSD is trading in between the 9 periods EMA and 21 periods EMA which indicates a decrease in the bullish momentum. When the bears exert more pressure and push the price below the $1.35 level and it closes below it, the key resistance level of $1.32 and $1.30 may be tested. Should the support level of $1.35 hold; the price may continue a bullish trend towards $1.38 and $1.40 provided $1.37 does not hold.

GBPUSD Medium-term Trend: Bullish

On the 4-hour chart, the currency pair has been trading within the range of $1.37 and $1.35 support level. The bears tried to push the price to break down the support level of $1.35 but the bulls opposed the bearish breakout during the BOE meeting. The bulls push the price above the dynamic resistance level.

GBPUSD is trading above the 9 periods EMA and 21 periods EMA which indicates that the bulls are gaining upper hands in the GBPUSD market. The relative strength index period 14 is pointing up at 50 levels to indicate a strong buy signal.

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