The price is currently targeting the supply level of $1.23 and it may break it up provided the Bulls’ momentum does not weak. In case the Bulls’ momentum becomes weak, the price may consolidate before the bullish trend continues
GBPUSD Market September 05
Supply levels: $1.23, $1.25, $1.26
Demand levels: $1.22, $1.20, $1.17
GBPUSD Long-term Trend: Bullish
On the long-term outlook, GBPUSD is bearish. GBPUSD made a bearish turning on August 28 with the formation of a candle pattern called Tweezer Top; this is an indication that the Bears are prevailing in the market. The price decreased to the previous low level of $1.20 to retest it the second time. On September 03, a strong pin bar candle was produced at the demand level of $1.22, following this scenario was the formation of strong daily bullish candles that broke up the supply level of $1.22 and it is increasing towards $1.23 price level.
GBPUSD price has penetrated the 21 periods EMA and 50 periods EMA upside and it is trading above the two EMAs as a sign of a bullish trend. The price is currently targeting the supply level of $1.23 and it may break it up provided the Bulls’ momentum does not weak. In case the Bulls’ momentum becomes weak, the price may consolidate before the bullish trend continues. Meanwhile, the Stochastic Oscillator period 14 is at 75 levels with the signal lines pointing up to indicate a buy signal.
GBPUSD Medium-term Trend: Bullish
GBPUSD is bullish in the medium-term outlook. The Bulls took over the GBPUSD market on September 03 after the formation of inside bar candle. The Bulls gained enough momentum and the price rallied to the north side, broke up the two EMAs and penetrated the former supply level of $1.22. The price is currently moving towards the supply level of $1.23
GBPUSD price is trading above the 21 periods EMA and 50 periods EMA. The stochastic Oscillator period 14 is above 80 levels with the signal lines bending down to indicate a sell signal which may be a pullback.
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