Double Bottom Chart Pattern at $1.30 Level, Bullish Trend May Commence – Cryptovibes.com – Daily Cryptocurrency and FX News

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GBPUSD Price Analysis – April 14

When bulls increase their pressure, price may break up the resistance level of $1.31 which may increase the price towards the resistance levels at $1.32 and $1.33. An interruption of the bullish momentum by the bears may decrease the price towards the support levels at $1.30, $1.29 and $1.27.                                                                .

GBPUSD Market

Key levels:

Resistance levels: $1.31, $1.32, $1.33

Support levels: $1.30, $1.29, $1.27

 

GBPUSD Long-term trend: Bullish

GBPUSD is bullish on the daily chart. The currency pair was under the bears’ control for more than two weeks. GBPUSD has tested the support level of $1.30 two times; the first time was on May 14 and the second touch was on April 12. Meaning that the price action is forming a double bottom chart pattern on the daily chart. That is an indication that price may soar towards the resistance level of $1.33.

GBPUSD Daily chart, April 14

GBPUSD is currently crossing above the 9 periods EMA and 21 periods EMA, which indicate an increase in the bulls’ momentum.  The relative strength index period 14 is at 49 levels with the signal lines pointing upside to indicate buy signal. When bulls increase their pressure, price may break up the resistance level of $1.31 which may increase the price towards the resistance levels at $1.32 and $1.33. An interruption of the bullish momentum by the bears may decrease the price towards the support levels at $1.30, $1.29 and $1.27.

GBPUSD Medium-term Trend: Bullish

GBPUSD is on the bullish movement in the medium-term outlook. The price action has successfully formed a bullish chart pattern called Double bottom. When the price tested the support level of $1.30, bearish momentum became weak. The bulls accumulate momentum and pushes the price away from the support level.

GBPUSD 4-hour chart, April 14

The price is trading above the 9 periods EMA and the 21 periods EMA as an indication of bullish market. The relative strength index period 14 is at 66 levels displaying bullish direction.

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