GBPUSD Price Pulls Back to Gather More Momentum for Bullish Movement – Cryptovibes.com – Daily Cryptocurrency and FX News

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GBPUSD Price Analysis – August 26

In case the bears exert more pressure, GBPUSD price may decrease further and push the price below $1.36 level, which may expose the price to the support level of $1.35 and $1.34. Should the bulls are able to defend the support level of $1.36, GBPUSD may continue bullish movement towards the resistance levels of $1.37, $1.38 and $1.39.

GBPUSD Market

Key levels:

Resistance levels: $1.37, $1.38, $1.39

Support levels: $1.36, $1.35, $1.34

 

GBPUSD Long-term trend: Bearish

On the daily chart GBPUSD is bearish. On August 20, Great British Pounds found support at $1.35 price level. The following day, a strong daily bullish candle emerged which completed the formation of Morning Star candle pattern. The price followed this bullish reversal candle pattern and the price increases towards $1.37 level. Today, the dynamic resistance level prevents further price increase and it pulls back.

GBPUSD Daily chart, August 26

GBPUSD retains trading below the 9 periods EMA and the 21 periods EMA which connote that bears still holds the market. The relative strength index period 14 is at 40 levels with the signal lines trying to point upside to indicate buy signal. In case the bears exert more pressure, GBPUSD price may decrease further and push the price below $1.36 level, which may expose the price to the support level of $1.35 and $1.34. Should the bulls are able to defend the support level of $1.36, GBPUSD may continue bullish movement towards the resistance levels of $1.37, $1.38 and $1.39.

GBPUSD Medium-term Trend: Bullish

GBPUSD is on the bullish movement on the medium-term outlook. The pair commences a bullish movement on August 20 with the formation of bullish engulfing candle at the support level of $1.35. Price increases by breaking up the resistance levels of $1.36 and move towards the resistance level of $1.37. The bears interrupt an increase and it pulls back to retest the broken level.

GBPUSD 4-hour chart, August 26

The price is trading below the 9 periods EMA and the 21 periods EMA as an indication of bearish market. The relative strength index period 14 is at 40 levels pointing up to indicate buy signal.

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