The GBPUSD market has failed to surpass a seven-month high at the 1.2950 mark during the most recent price surge. Subsequently, the pair retreated below the 1.2750 mark. The current price dip seems largely due to the resurgence in the US dollar and the more tranquil pound side of the market. Nevertheless, the market at this point seems to be showing some noteworthy signs. Let’s take a closer look at price development in this market.
Key Price Levels:
Resistance Levels: 1.2750, 1.2800, and 1.2850
Support Levels: 1.2731, 1.2700, and 1.2650
GBPUSD Makes Effort to Retain Support Above the 1.2700 Mark
Price activity in the GBPUSD market had previously retreated downward more sharply. However, as soon as price action fell below the 1.2750 mark, it appeared that headwinds subsided a bit. This has resulted in price action trending sideways, hovering around the 1.2750 mark. Consequently, this suggests that downward forces are weaker now.
Nevertheless, the corresponding price candle for the ongoing session settles on the red set of Guppy Multiple Moving Average (GMMA) lines. However, the lines of the Stochastic Relative Strength Index (SRSI) have continued to move towards deeper levels in the oversold region. Consequently, this suggests that traders may continue to use bearish Forex signals in this market.
GBPUSD Retains a Bearish Outlook
In the 4-hour time frame for the GBPUSD pair, it can be seen that the pair retains an overall bearish look. The price of the pair has fallen below the GMMA lines since the previous session. Meanwhile, the ongoing session has seen a minor price rebound, but it is still below the GMMA lines as well.
The SRSI indicator lines are now in the oversold zone and seem to be attempting a crossover at such a small price upside rebound. Be that as it may, this suggests that the pair is vulnerable and will likely continue towards lower price levels around the 1.2700 mark, considering the already established impetus from fundamentals.
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