GBPUSD Price Analysis – March 29
The evening star candle pattern formed shortly after the consolidation is a bearish reversal candle. This rolled the GBPUSD price downward towards $1.29 price level before it was interrupted by the bulls at the lower trend line.
Supply levels: $1.32, $1.33, $1.35
Demand levels: $1.29, $1.28, $1.26
GBPUSD Long-term trend: Bearish
GBPUSD is bearish on the daily chart. GBPUSD pair touched the lower trend line on March 21. The Bulls pulled back the pair to retest the broken level of $1.32; this is done regularly on the trending market to ensure the continuity of the trend. The Bears rejected the penetration of the $1.32 level upward and the big bearish candle emerged that broke down the lower trend line. The Bears are gradually taking over the GBPUSD market.
The currency pair is currently below the 21 period EMA and 50 periods EMA couple with the Stochastic Oscillator level at 40 levels and the signal lines bending down connotes that GBPUSD price may still fall below the demand level of $1.28.
GBPUSD Medium-term Trend: Bearish
GBPUSD is still on the downtrend on the 4-hour chart. The coin consolidated for five days at $1.32 price level from March 22 to March 27. The evening star candle pattern formed shortly after the consolidation is a bearish reversal candle. This rolled the GBPUSD price downward towards $1.29 price level before it was interrupted by the bulls at the lower trend line. The first candle formed at the opening of the market on the 4-hour chart is bullish which indicate that the price may pull back at the present level.
The Stochastic Oscillator period 14 is below 20 levels (oversold region) and the signal lines are about turning towards the north which connotes that the Buyer will soon take over the market.
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