GBPUSD Market May 30
The Bulls prevented further decrease in price and the price pulls back to retest $1.126 level; a further increase in price was resisted at the dynamic resistance level of 50 EMA. The price is very close to the $1.25 demand level, the Bears are still in control of the GBPUSD market.
Supply levels: $1.26, $1.28, $1.29
Demand levels: $1.25, $1.23, $1.22
GBPUSD Long-term trend: Bearish
On the long-term outlook, GBPUSD is on the strong bearish trend. The Bears refuse to give chance to the Bulls in the GBPUSD market. After the Bears penetrated the former demand level of $1.26 last week, a daily Doji candle formed the following day (May 23). On May 24 the price pulled back to retest the broken level before it continues the bearish trend on May 27. The price is very close to the $1.25 demand level.
The currency pair continues its trade below the 21 periods EMA and the 50 periods EMA, with an increase in the distance between the pair and the EMAs which indicates that the Bears are still in control of the GBPUSD market. The Relative Strength Index period 14 is below 20 levels and the signal line points down to indicate a further reduction in the price of GBPUSD, though, a pullback is inevitable.
GBPUSD Medium-term Trend: Bearish
On the medium-term outlook, GBPUSD is also on the bearish trend. The currency pair broke down the demand level of $1.26 last week and the pair headed towards the $1.25 level. The Bulls prevented further decrease in price and the price pulls back to retest $1.126 level, a further increase in price was resisted at the dynamic resistance level of 50 EMA.
GBPUSD is currently heading towards $1.25 demand level. It is trading below the 21 periods EMA and 50 periods EMA and the two EMAs following the direction of the trend. The Relative Strength Index period 14 is at 30 levels and the signal line bending down to indicate sell signal.
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