At the opening of the market today on the daily chart, the candle emerged as a bearish one. Further increase in the Bears’ pressure will decrease the GBPUSD price in which the previous low of $1.25 may be surpassed.
GBPUSD Market June 27
Supply levels: $1.26, $1.28, $1.29
Demand levels: $1.25, $1.23, $1.22
GBPUSD Long-term trend: Bearish
GBPUSD is Bearish on the long-term outlook. The Bulls were fully in control of the GBPUSD market last week. The price was moved up from the demand level of $1.25 towards $1.28 after passed through the confluence at $1.26 level. On June 24, the price reached the dynamic resistance level of 50 periods EMA but unable to break it up. An evening star candle pattern emerged at the level; this is a bearish reversal candle and the GBPUSD price may fall. Currently, GBPUSD is consolidating at $1.26 level.
At the opening of the market today on the daily chart, the candle emerged as a bearish one. Further increase in the Bears’ pressure will decrease the GBPUSD price in which the previous low of $1.25 may be surpassed. As at the moment, the currency pair is breaking down the 21 periods EMA so that it will continue trading below the two EMAs which connotes a gradual increase in the bearish pressure in the GBPUSD market. The Stochastic Oscillator period 14 is below the 75 levels with the signal lines bending down which indicates sell signal.
GBPUSD Medium-term Trend: ranging
On the medium-term outlook, GBPUSD is ranging. On June 21, the price level of $1.26 was penetrated with the formation of a bullish engulfing candle and the price moved towards the supply level of $1.28. On June 25, the Bears interrupted as the bearish engulfing candle was produced, the price returned to $1.26 level and commenced ranging movement.
GBPUSD is trading on the 21 periods EMA and 50 periods EMA and the two EMAs is close to each other which indicates consolidation is ongoing in the GBPUSD market.
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