GBPUSD Price Analysis – March 21
In case the demand level of $1.15 holds, the price will bounce and rally towards the supply level of $1.20 $1.22. Should the bears exert more pressure to breakdown the demand level of $1.15, the demand level of $1.12 $1.10 will be the target.
Supply levels: $1.17, $1.20, $1.22
Demand levels: $1.15, $1.12, $1.10
GBPUSD Long-term Trend: Bearish
On the long-term outlook, GBPUSD is bearish. The bears intensify their pressure; this is seen on the daily chart with the formation of more strong bearish candles. This penetrated downside many former support levels such as $1.25, $1.22, $1.20 and $1.17. The pair later found support at $1.15. It seems the level will hold as the daily strong bullish candle formed at the level and increase the price above the supply level of $1.17 before it was pushed down below the resistance level of $1.17.
The pair continues its trading below 21 periods EMA and 50 periods EMA with the two EMAs spanned apart from each other; This indicates that GBPUSD is under strong bearish pressure. In case the demand level of $1.15 holds, the price will bounce and rally towards the supply level of $1.20 $1.22. Should the bears exert more pressure to breakdown the demand level of $1.15, the demand level of $1.12 $1.10 will be the target. The Relative strength index period 14 is at oversold (20) levels with the signal lines pointing to indicate a buy signal.
GBPUSD Medium-term Trend: Bearish
GBPUSD is on the bearish trend in the medium-term outlook. On 18 March, the GBPUSD price tested the demand level of $1.15. The just mentioned level holds and the price consolidated for a few days before the Bulls push it up to test $1.17 supply level. The price reversed and retesting the previous low level.
The price is moving 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 pointing down which indicates a sell signal.
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