GBPUSD Price Analysis – November 14
The supply level of $1.30 may be reached provided the Bulls increase or maintain its momentum. In case the Bulls momentum becomes weak, the price may start consolidation.
Supply levels: $1.30, $1.32, $1.33
Demand levels: $1.28, $1.26, $1.25
GBPUSD Long-term Trend: Bullish
GBPUSD is bullish on the long-term outlook. Last two weeks there was a bullish breakout at the former supply level of $1.08. The price carried out a retracement towards the broken level; it was then prevented from further declination by the Bulls with the formation of the bullish engulfing candle. The market obeyed the command of this bullish reversal candle pattern and resumed its bullish movement. Today, the Bulls dominated the market and the price closed above the demand level of $1.28.
The price reversed at the dynamic support level of 21 periods EMA while the 50 periods EMA is below the 21 periods EMA. GBPUSD is trading above the two EMAs as at the time of writing this report. The supply level of $1.30 may be reached provided the Bulls increase or maintain its momentum. In case the Bulls momentum becomes weak, the price may start consolidation. However, the Stochastic Oscillator period 14 is at 50 levels with the signal lines pointing up to indicate a strong buy signal.
GBPUSD Medium-term Trend: Ranging
GBPUSD is ranging in the medium-term outlook. The Bulls were not able to push up the price to reach the supply level of $1.30 last two weeks. The bears’ momentum pushed down the price below $1.28 price level and lost momentum. Both Bears and Bulls were weak in momentum and this led to consolidation in the GBPUSD market.
GBPUSD is hovering around the 21 periods EMA and 50 periods EMA which connotes ranging market. The stochastic Oscillator period 14 is at 80 levels with the signal lines pointing up to indicate a buy signal.
Please note: Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing result short period