GBPUSD Price Analysis – March 05
The price is currently exposed to the supply level of $1.31. Further increase in the Bulls’ momentum may push the price to reach the supply level of $1.31. In case there is an interruption of the bullish movement by the bears, the price may start to consolidate.
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 currency pair was on the bearish trend last two weeks. the bearish momentum broke down the $1.29 price level and the price dropped to the demand level of $1.27. The Bulls defended the just mentioned demand level with the formation of the bullish engulfing candle. This bullish reversal candle pattern indicates an increase in the Bulls’ momentum, the bullish momentum propelled the price towards $1.29 price level. Today, the Bulls dominate the market and the just mentioned formerly supply level has turned to demand level.
GBPUSD has penetrated the two EMAs upside and the pair is trading above 21 periods EMA and 50 periods EMA as a sign of a strong bullish trend. The price is currently exposed to the supply level of $1.31. Further increase in the Bulls’ momentum may push the price to reach the supply level of $1.31. In case there is an interruption of the bullish movement by the bears, the price may start to consolidate. The Stoch relative strength index period 14 is above 50 levels with the signal lines pointing upside to indicate a strong buy signal.
GBPUSD Medium-term Trend: Bullish
GBPUSD is on the bullish movement in the medium-term outlook. GBPUSD bottomed at the demand level of $1.27 on 02 march and the pair started consolidation. The Bulls gained enough pressure to push up the price. It rallies towards the north and breaks up the supply level of $1.29.
The price is currently trading above the 21 periods EMA and the 50 periods EMA with the two EMAs fan apart. The Stoch Relative strength index period 14 is above 80 levels with the signal line pointing up which indicates buy signal.
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