The price is moving up towards the $1.25 level, should the Bullish momentum is strong enough to break up the $1.25 level; the next target level will be $1.26. An attempt by the Bears to defend $1.25 level may result in consolidation of the price.
GBPUSD Market July 11
Supply levels: $1.25, $1.26, $1.28
Demand levels: $1.24, $1.22, $1.21
GBPUSD Long-term trend: Bearish
GBPUSD is Bearish on the long-term outlook. The currency pair was under the control of the Bears last week with little or no interruption of the Bulls. The bearish momentum pushed the pair down to the low of $1.24 demand level. On July 10, Tweezer Bottom candle was produced; which is a bullish reversal pattern. Another strong bullish candle has emerged at the opening of today’s market which indicates that the Bulls’ momentum is increasing.
The price is moving up towards the $1.25 level, should the Bullish momentum is strong enough to break up the $1.25 level; the next target level will be $1.26. An attempt by the Bears to defend $1.25 level may result in consolidation of the price. The price is moving up closer to the two EMAs. The pair continues its trading below 21 periods. The Stochastic Oscillator is below 20 levels (oversold level) with the signal lines pointing up to indicate a buy signal.
GBPUSD Medium-term Trend: Bearish
On the medium-term outlook, GBPUSD is Bearish. The GBPUSD descended down to the demand level of $1.24. It consolidated for a short period. The Bulls gained momentum, pushed up the price above 21 periods EMA but below 50 periods EMA. Should the price break the confluence at $1.25 level, then, the Bulls will be in control of the GBPUSD market.
GBPUSD price is in between the 21 periods EMA and 50 periods EMA while the Stochastic Oscillator period 14 is at 75 with the signal lines pointing up to connotes strong buy signal.
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