GBPUSD seems to have broken out of the 1.2541 price level for good. Even before now, price action seems to have obtained support above the 1.2600 price mark, although the current session hasn’t posted many gains. Let’s further examine this market.
Major Price Levels:
Resistance Levels: 1.2605, 1.2650, and 1.2680
Support Levels: 1.2600, 1.2580, and 1.2560
GBPUSD Price Action Is Fighting Hard to Stay Above the 1.2600 Price Mark
The GBPUSD daily chart seems to reveal that a lot of opposition has met with the pair’s price action. This is happening after the pair broke a nice 1.2600. Consequently, this has kept the pair from gaining enough upside traction to move further upward. Furthermore, the last price candle here is a green dashed-shaped price candle and portrays the struggle between buyers and sellers. Meanwhile, the Relative Strength Index (RSI) indicator has indicated that sellers may gain more momentum at this point. However, given the color of the last price candle, traders wait a bit on the sidelines for more guidance.
Headwinds in the GBPUSD May be Getting Stronger
Looking at the 4-hour GBPUSD market reveals that headwinds are fighting against price action’s upside retracement. In the previous session, a green price candle showed up on this market, which pushed the price to the middle limit of the Bollinger Bands indicator. However, the subsequent one, though representing some form of gain, portrays a considerable price decline in this market. The last dashed-shaped price candle on this chart formed below the previous one. At the same time, the Moving Average Convergence Divergence indicator (MACD) is now moving slightly sideways. Consequently, traders may anticipate a price decline toward the 1.2580 mark.
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