The USD remains generally strong and continues to exert forward force on its pairs, such as the GBPUSD. The greenback maintains strong fundamentals, giving it a great shine at the moment. The UK unemployment data also arrived as a burden to the pair. Nevertheless, let’s take a closer look at this market.
Key Price Levels:
Resistance Levels: 1.2500, 1.2600, and 1.2700
Support Levels: 1.2400, 1.2300, and 1.2200
GBPUSD Eyes the 1.2400 Price Mark as a Support Level
While the GBPUSD market continues to spiral downward on the daily market, trading activity now occurs below the 1.2500 mark. Also, the market remains below the Guppy Multiple Moving Average (GMMA) curve, strengthening bearish holds on the market.
The ongoing session has also started bearish, as the corresponding price candle appears red. The Stochastic Relative Strength Index (SRSI) continues plunging toward the oversold regions about the prevalent trend in the market. At this point, traders can continue using bearish Forex signals as the eyed support may still fail to hold.
The GBPUSD Market Presents a Minimal Bounce
The GBPUSD 4-hour market has delivered a minimal bounce in the ongoing session, offering some hope to bullish traders. However, upon closer observation of price dynamics, we can see that bears are still hopeful. Price action remains below the GMMA lines, despite seeing a minimal upside correction.
Also, the SRSI indicator lines can be seen approaching an upside crossover below the 50 mark of the indicator. While this also brightens up hopes, the fundamental side of the market maintains that downward forces are at an advantage and may eventually see the market fall below the 1.2400 mark.
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