The GBPUSD market started the week on a bearish note as the market edged lower. This seems to have emanated from the resilient mood of the US dollar. However, today’s trading activity suggests that the pound may be gaining momentum ahead of key fundamentals such as the BoE Governor’s speech and the US IMF meeting.
Key Price Levels:
Resistance Levels: 1.3100, 1.3150, 1.3200
Support Levels: 1.2950, 1.2900, 1.2850
GBPUSD Receives Some Buying After Dipping Below the 1.3000 Mark
As of the time of writing, the GBPUSD market can be seen trading at the 1.3000 price level. This happened as price action bounced back from the previous day’s dip, bringing the market to its current level. Be that as it may, price action remains below the middle limit of the Bollinger Bands indicator.
Additionally, the Stochastic RSI lines are still rising upwards from the oversold region. However, it could be concluded that the market isn’t out of the woods yet, as technical indicators suggest that the upside retracement remains in bear territory. As such, the overall downward correction may resume if anticipated fundamentals favor downward forces.
GBPUSD Buyers Are Taking Bold Steps
In the GBPUSD 4-hour market, a new session has started with buyers staying in the lead. Although the session is still young, it seems that traders may be gaining more confidence in short-term gains in this market. Nevertheless, it should be noted that the market remains below the middle limit of the Bollinger Bands.
However, the Stochastic RSI indicator lines can already be seen delivering a bullish crossover. Technically, this supports the prevalent trend in this market. Since price action is still below the mid-limit of the Bollinger Bands, traders should tread with caution while staying abreast of developing relevant fundamentals in the corresponding economies as a guide towards a continued upside rebound toward the 1.3050 price level.
Do you want to take your trading to the next level? Join the best platform for that here.
Leave a Reply