GBPUSD Price Analysis – February 27
An increase in the bearish momentum will push the currency pair to reach the demand level of $1.27. In case the just mentioned level does not hold, the price may reach the demand level of $1.25.
Supply levels: $1.29, $1.30, $1.31
Demand levels: $1.28, $1.27, $1.25
GBPUSD Long-term Trend: Bearish
On the long-term outlook, GBPUSD is bearish. The seller maintains its momentum on the daily chart in the Pounds U.S Dollar market. The bearish movement started on 03 February, with the formation of the strong bearish candle. The bearish momentum pushed the price below the $1.29 price level. Since then, the price has been on the ranging movement between $1.29 supply level and $1.28 price level.
The currency pair is trading over and around the two EMAs which confirms that ranging movement is ongoing in the GBPUSD market. An increase in the bearish momentum will push the currency pair to reach the demand level of $1.27. In case the just mentioned level does not hold, the price may reach the demand level of $1.25. The relative strength index period 14 is at 40 levels with the signal lines parallel to the level without showing direction which indicates that consolidation is ongoing.
GBPUSD Medium-term Trend: Ranging
GBPUSD is on the ranging mode in the medium-term outlook. The bearish momentum pushed down the pair and found support at $1.28 price level. The price bounced up and increases to break up the supply level of $1.29. The price started moving up and down to touch the supply level of $1.29 and $1.28 respectively.
The price is currently trading below the 21 periods EMA and the 50 periods EMA with the two EMAs close to each other. The Relative strength index period 14 is at 40 levels with the signal line showing no direction which indicates ranging movement.
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