GBPUSD Price Analysis – October 17
The price may reverse at the supply level of $1.28 in case the level holds. The breakup of the supply level of $1.28 by the Bulls will expose the price to $1.30.
Supply levels: $1.28, $1.30, $1.32
Demand levels: $1.26, $1.25, $1.23
GBPUSD Long-term Trend: Bullish
GBPUSD is under a strong Bullish momentum on the long-term outlook. GBPUSD found support at the demand level of $1.22 on October 10. A strong bullish candle emerged which broke up the former supply level of $1.23. Followed this scenario is the formation of strong and massive bullish candles which further penetrated the former supply levels of $1.25 and $1.26. The bullish trend extended to the supply level of $1.28 yesterday. The current supply level where the price reached is a reversal potential zone.
The price is moving farther away from the two EMAs and the EMAs are now separating from each other which connotes a strong bullish momentum in the GBPUSD market. The price is also trading above the 21 periods EMA and 50 periods EMA. The price may reverse at the supply level of $1.28 in case the level holds. The breakup of the supply level of $1.28 by the Bulls will expose the price to $1.30. However, the Stochastic Oscillator period 14 is above 80 levels with the signal lines pointing up which connotes buy signal and a further increase in price.
GBPUSD Medium-term Trend: Bullish
GBPUSD is bullish in the medium-term outlook. The Bulls are in control of the GBPUSD market for more than four days. The buyers pushed the GBPUSD price up to the $1.26 price level; it carried out retracement towards the $1.25. The bulls increased their pressure and the then supply level of $1.26 was broken upside and the price reached $1.28 level.
GBPUSD is trading above the 21 periods EMA and 50 periods EMA. The stochastic Oscillator period 14 is above 80 levels with the signal lines pointing up to indicate a buy signal.
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