Bulls’ Momentum Is Increasing – Cryptovibes.com – Daily Cryptocurrency and FX News

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GBPUSD Price Analysis – August 04

After the price retracement, further increase in the price of GBPUSD is envisaged, provided the currency pair breaks up the resistance level of $1.22, the next upward target will be $1.23, and $1.24 levels. In case the resistance level of $1.22 is defended by the bears, the price may decline to the support levels of $1.20, $1.19 and $1.18.

Key levels:

Supply levels: $1.22, 1.23, $1.24

Demand levels: $1.20, $1.19, $1.18

 

GBPUSD Long-term Trend: Bullish

GBPUSD is bullish, on the long-term outlook. When the currency pair found support at the $1.18 level last week, sellers continue to exert pressure on the GBPUSD market. The currency pair rebound and increase towards the resistance level of $1.20. More bullish daily candles were produced and the just mentioned level was broken upside. On August 01, the price tested the resistance level of $1.23. At the moment, the price is pulling back.

The price is trading above the two EMAs which indicate an increase in the bulls’ momentum. Also, the 9 periods EMA is above the 21 periods. After the price retracement, further increase in the price of GBPUSD is envisaged, provided the currency pair breaks up the resistance level of $1.22, the next upward target will be $1.23, and $1.24 levels. In case the resistance level of $1.22 is defended by the bears, the price may decline to the support levels of $1.20, $1.19 and $1.18. The relative strength index period 14 is at 53 levels with the signal lines pointing up to indicate buy signal.

 GBPUSD Medium-term Trend: Bearish

GBPUSD is bearish on the medium-term outlook. Buyers prevailed over the sellers on July 14 last two weeks at the support level of $1.18. The price increase and break up the resistance levels of $1.19 and $1.20. The resistance level of $1.23 was tested. The just mentioned level holds and the price bounces off the level. Bulls are currently returning in to the market, there is possibility for further price increase.

The price is between the 21 periods EMA and the 9 periods EMA with the two EMAs separate from each other. The Relative strength index period 14 is at 50 levels with the signal line pointing up which indicate buy.



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