The bulls in the GBPUSD market have covered a significant amount of upside ground since about three trading sessions ago. More recently, price behavior seems to suggest that buyers are on a break, as the market looks less lively. Nevertheless, it appears that price action stands to gain more upside traction shortly.
Major Price Levels:
Resistance Levels: 1.2850, 1.2900, and 1.2950
Support Levels: 1.2826, 1.2800, and 1.2770
GBPUSD Buyers Maintain a Favorable Stand
In the GBP/USD daily market, price action suggests buyers in this market are favored over sellers. This is coming from the fact that price action has risen significantly above the Moving Average (MA) lines on this chart.
Likewise, other technical indicators are also showing encouraging indications that prices may keep going higher. The Average True Range (ATR) indicator can be seen as having an upside bearing at its tip. Consequently, this indicates that this market is trending upward.
Also, the Moving Average Convergence Divergence (MACD) indicator lines are now moving slightly upward, after aborting a downtrend towards the equilibrium level. This suggests that this market is headed upward.
GBPUSD Buyers Deliver a Massive Blow
In the GBPUSD 4-hour market, it could be seen that buyers have landed a significant win in the ongoing session. Here, a long green price candle has just appeared on this chart. Also, it could be seen that this candle has a wick on the sellers’ side of the market, which indicates that buyers have won.
Furthermore, the current price level of this pair now lies above the 9-day MA line, while the MACD indicator continues to show that downward forces are getting weaker as we proceed further into today’s trading. Therefore, price action in this market seems to have an upside bearing and is headed toward the 1.2900 mark.
Do you want to take your trading to the next level? Join the best platform for that here.
Leave a Reply