GBPUSD Price Analysis – December 12
The price may reverse at the supply level of $1.31 in case the level holds. Should the bulls increase their momentum to break up the resistance level of $1.31then, $1.33 will be the next target.
Key levels:
Supply levels: $1.31, $1.33, $1.34
Demand levels: $1.29, $1.27, $1.25
GBPUSD Long-term Trend: Bullish
On the long-term outlook, GBPUSD is bullish. The breakout of the price at the $0.29 price level on 03 December propelled the price towards the supply level l of $1.31. The price reached the level on December 11. The Bulls were unable to break up the level; it is the high of May. As at the time writing this report, the price bounces off the resistance level of $1.31.
The two EMAs are well separated pointing to the north to indicate bullish momentum and currency pair is trading above the 21 periods EMA and 50 periods EMA at a distance which indicates that the bulls are holding the GBPUSD market. The price may reverse at the supply level of $1.31in case the level holds. Should the bulls increase their momentum to break up the resistance level of $1.31then, $1.33 will be the next target. The Stochastic Oscillator period 14 is above 80 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. The Bulls pushed up the price to break up the resistance level of $1.31 on December 11 but the Bears did not succumb to the breakout. A bearish inside bar candle formed and the price is descending towards the demand level of $1.29.
GBPUSD has penetrated the 21 periods EMA downside and currently touching 50 periods EMA. The second EMA may be penetrated and the price may find support at $1.29 price level. The stochastic Oscillator period 14 is at 60 levels with the signal lines pointing down to indicate a sell signal.
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