GBPUSD Price Analysis – February 21
GBPUSD is exposed to the demand level of $1.27, in which it may be its target provided the level mentioned holds. In case the $1.27 price level does not hold, the price may find its support at the $1.25.
Supply levels: $1.29, $1.31, $1.33
Demand levels: $1.27, $1.25, $1.23
GBPUSD Long-term Trend: Bearish
GBPUSD is bearish on the long-term outlook. Pounds U.S Dollar was bullish a couple of weeks ago. On 14 February, the pair closed above the $1.29 price level. The bullish movement was interrupted by the Bears and it turned to retest the broken level. The Bears increased their pressure and the $1.29 level was broken downside. More strong bearish candles were formed and the price decline towards the demand level of $1.27.
GBPUSD pair was above the two EMAs before it penetrates the $1.29 downside. Currently, it is trading below the 21 periods EMA and 50 periods EMA which implies that the Bears are in control of the GBPUSD market till the present moment. GBPUSD is exposed to the demand level of $1.27, in which it may be its target provided the level mentioned holds. In case the $1.27 price level does not hold, the price may find its support at the $1.25. The relative strength index period 14 is at 40 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. Shortly after the supply level of $1.29 was broken up side two weeks ago. The pair started consolidation at the level. Last week, the bears were able to gather enough momentum and dropped below the supply level of $1.29. The bearish trend may continue and find support at the demand level of $1.27.
The price is trading below the 21 periods EMA and the 50 periods EMA and the two are far apart from each other as a sign of strong sell. The Relative strength index period 14 is at 30 levels with the signal line pointing down to indicate sell signal.
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