GBPUSD Price Analysis – September 26
The daily candle formed today has turned to Doji candle pattern which connotes indecision in the GBPUSD market; nevertheless, more pressure is required by the Bears to push the price to the demand level of $1.22.
Supply levels: $1.23, $1.25, $1.26,
Demand levels: $1.22, $1.20, $1.17
GBPUSD Long-term Trend: Ranging
GBPUSD is ranging in the long-term outlook. The supply level of $1.25 held the price last week and the Bulls were not able to break up the level. The Bulls’ momentum became weak; likewise, the Bears’ pressure was not enough to push down the price. The price started ranging within the supply level of $1.25 and the former demand level of $1.23. On September 25, the Bears gained more pressure and this was exerted to penetrate the $1.23 price level. The daily candle closed below the $1.23 price level.
The price is between the 21 period EMA and 50 periods EMA in which the two EMAs are interlocked to each other. The daily candle formed today has turned to Doji candle pattern which connotes indecision in the GBPUSD market; nevertheless, more pressure is required by the Bears to push the price to the demand level of $1.22. Meanwhile, the Stochastic Oscillator period 14 is at 50 levels with the signal lines pointing down to indicate a sell signal.
GBPUSD Medium-term Trend: Bearish
GBPUSD is bearish in the medium-term outlook. On the 4-hour chart, the price action has formed a descending channel with the price touching the upper trend line and bounced off to test the lower trend line. The former demand level of $1.23 has been penetrated downside exposed the demand level of $1.22.
GBPUSD is trading below the 21 periods EMA and 50 periods EMA and the former has crossed the later downside. The stochastic Oscillator period 14 is below 25 levels with the signal lines pointing up to indicate a buy signal.
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