GBPUSD Price Analysis – March 13
The price may decrease further to the demand level of $1.23, in case the level does not hold the price, the demand level of $1.22 may be the next target level. When the Bulls defend the demand level of $1.23, the price may reverse.
Supply levels: $1.25, $1.27, $1.29
Demand levels: $1.23, $1.22, $1.20
GBPUSD Long-term Trend: Bearish
On the long-term outlook, GBPUSD is bearish. Two weeks ago, GBPUSD was bullish and the currency topped at the supply level of $1.31. That is the second time the pair will be testing the just mentioned level. A strong bearish candle emerged that engulfed the previous bullish candles; this is the signal that the bears are flooding the market with strong momentum. The former demand levels of $1.29, $1.27 and $1.25 was penetrated downside. The currency exposes to the demand level of $1.23.
GBPUSD has penetrated the two EMAs downside and the pair is trading below 21 periods EMA and 50 periods EMA as a strong bearish signal. The price may decrease further to the demand level of $1.23, in case the level does not hold the price, the demand level of $1.22 may be the next target level. When the Bulls defend the demand level of $1.23, the price may reverse. The Relative strength index period 14 is above 20 levels with the signal lines pointing down to indicate a further decrease in price.
GBPUSD Medium-term Trend: Bearish
GBPUSD is on the bearish trend in the medium-term outlook. When the GBPUSD reached a high of $1.31suply level, the bullish momentum became weak. The Bulls have no strength to break up the level; it reversed under the bearish momentum. Bearish momentum increases and the former demand level s of $1.29, $1.27, $1.25 turned resistance levels.
The price is currently trading below the 21 periods EMA and the 50 periods EMA with the two EMAs fan apart. The Relative strength index period 14 is at 20 levels with the signal line pointing up which indicates buy signal which may be a pullback.
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