Price action in the GBPUSD seems to have suddenly lost direction after an impressive performance of considerably exceeded the 1.3050 price mark. Despite this price action, it seems favorably positioned to pick up upside momentum in the event of unfavorable fundamentals on the USD side.
Major Price Levels:
Resistance Levels: 1.3067, 1.3100, and 1.3150
Support Levels: 1.3020, 1.2950, and 1.2900
GBPUSD Signs of Exhaustion Look Evident
Price action in the GBPUSD market has put on an impressive show after its price action considerably surpasses the resistance at the 1.3000 mark. Additionally, price action then progressed towards 1.3050 and surpassed it. However, when it approached the 1.3100 mark, there was a rejection, and price action seemed to have lost the momentum to continue further.
The last price candle here, which represents the new trading session, is indicative of the fact that buyers are scarce at this point. Nevertheless, traders should note that trading activities are still above the 9- and 21-day Moving Average MA lines and offer some upside hope to this pair.
GBPUSD Maintains a Largely Consolidative Move
Price action in the GBPUSD 4-hour market largely appears to be trending sideways at this point. Also, the price candlestick for the ongoing session has appeared below the MA lines. Likewise, the size of this candlestick isn’t very encouraging at this point.
Meanwhile, the Stochastic Relative Strength Index (RSI) indicator curves have portrayed the recent state of the market as their lines look mangled in the overbought region. Although this isn’t a new occurrence on the indicator, if it is worth anything, an upside crossover can be seen on the RSI at the terminal part of the line.
Consequently, this suggests that upside momentum may grow in this direction, which may bring prices back to the 1.3100 mark.
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