GBPUSD Price Analysis – April 4
The bearish breakout of the currency at the lower trend line of the triangle will drop the price at $1.28 demand level provided the $1.29 level does not hold. On the other hand, the bullish break out will push the price to reach $1.33 price level.
Supply levels: $1.32, $1.33, $1.35
Demand levels: $1.29, $1.28, $1.26
GBPUSD Long-term trend: Bearish
GBPUSD is retaining its bearish movement on the daily chart. GBPUSD pair continues its bearish trend on the daily chart; this has led to the formation of a symmetrical triangle on the chart. GBPUSD is making “lower highs” “lower lows” within the symmetrical triangle formed. On March 27, the Bulls tried to break up the supply level of $1.32 but it was resisted by the Bears and the price was forced to decrease towards the $1.29 demand level. The Bulls equally rejected further declination and the price was pushed up touching the upper trend line of the triangle. Currently, the price is facing the lower trend of the triangle.
The currency pair is trading in between the 21 period EMA and 50 periods EMA within the triangle pattern. The Relative Strength Index period 14 is at 45 levels with the signal line pointing down to indicate sell signal. The bearish breakout of the currency at the lower trend line of the triangle will drop the price at $1.28 demand level provided the $1.29 level does not hold. On the other hand, the bullish break out will push the price to reach $1.33 price level.
GBPUSD Short-term Trend: Bearish
GBPUSD is still on the downtrend on the 4-hour chart. The bearish trend on the 4-hour chart produced a symmetrical triangle. The currency pair bounced on touching the lower trend of the triangle and does the same for the upper trend line. The break out is imminent which could be from either side of the triangle.
The two EMAs are following the trend. Meanwhile, GBPUSD is trading below the 21 periods EMA and 50 periods EMA which indicate the Bears’ pressure. The Relative Strength Index period 14 is at 40 levels with signal lines point down to indicate sell signal.
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