GBPUSD Price; Resistance Level at $1.40 Holds, a Bearish Trend May Commence – Cryptovibes.com – Daily Cryptocurrency and FX News

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GBPUSD Price Analysis – April 22

When the Bears increase their momentum and break down the support level of $1.38 then, $1.37 level will be tested, this may extend to $1.36. In case the support level at $1.38 and the dynamic resistance level hold, GBPUSD price may increase towards the $1.39, $1.40 and $1.41 levels.

GBPUSD Market

Key levels:

Resistance levels: $1.39, $1.40, $1.41

Support levels: $1.38, $1.37, $1.36

 

GBPUSD Long-term trend: Bullish

GBPUSD is bullish on the daily chart. The double bottom chart pattern formed by the currency pair last two weeks at the support level of $1.36 has made the price increase to the resistance level at $1.40. The Resistance level holds the price and this prevents the breakout by the bulls.  A daily bearish candle emerges and this indicate that bears are warming up to take over the market. The price pulls back to test the support level at $1.38.

GBPUSD Daily chart, April 22

The price is above the 21 periods EMA and 9 periods EMA while the former remains below the later EMAs which indicate a bullish momentum. The relative strength index period 14 is at 60 levels with the signal lines bending towards south to indicate sell signal. When the Bears increase their momentum and break down the support level of $1.38 then, $1.37 level will be tested, this may extend to $1.36. In case the support level at $1.38 and the dynamic resistance level hold, GBPUSD price may increase towards the $1.39, $1.40 and $1.41 levels.

 

GBPUSD Medium-term Trend: Bearish

GBPUSD is on the bearish movement on the medium-term outlook. The price increases to the resistance level at $1.40 with the aid of the bulls’ pressure. A bearish engulfing candle emerges at the mentioned resistance level. This bearish candle pattern triggers a bearish movement towards the support level at $1.38 level. The price is pulling back to retest the dynamic resistance levels.

GBPUSD 4-hour chart, April 22

The price is trading below 9 periods EMA and the 21 periods EMA at close contact. The relative strength index period 14 is at 50 levels displaying buy signal which may be a pullback.

 

 

 

 

 

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