GBPUSD Price Analysis – April 16
Further increase in the bearish momentum may push the currency pair to reach the demand level of $1.22 and $1.20. In case the demand level of $1.22 holds, the price may bounce and continue the bullish trend to target the supply level of $1.25 and $1.28.
Supply levels: $1.25, $1.28, $1.31
Demand levels: $1.22, $1.20, $1.17
GBPUSD Long-term Trend: Bullish
On the long-term outlook, GBPUSD is bullish. Last week, GBPUSD was on the bullish movement. The bullish momentum increased the price to the supply level of $1.25.There was a partial breakout on April 14. The daily candle closed above the just mentioned level. On April 15, a daily bearish candle emerged as a “tweezer Top” candle pattern and the GBPUSD began to fall.
GBPUSD is currently trading below the supply level of $1.25, facing the demand level of $1.22. The currency pair is trading between the two EMAs. Further increase in the bearish momentum may push the currency pair to reach the demand level of $1.22 and $1.20. In case the demand level of $1.22 holds, the price may bounce and continue the bullish trend to target the supply level of $1.25 and $1.28. The Relative strength index period 14 is at 50 levels with the signal lines pointing down to indicate a sell signal.
GBPUSD Medium-term Trend: Bearish
GBPUSD is bearish on the medium-term outlook. GBPUSD was on the ranging movement a few days ago within the $1.22 and the $1.25 price levels. The bulls attempted to break out at the $1.25 price level but there was no enough momentum to sustain the breakout, the price returned into the ranging level.
The price broke down the 21 periods EMA and the 9 periods EMA with the two EMAs close to each other and it is trading below the EMAs. The Relative strength index period 14 is above 40 levels with the signal line pointing down which indicates a sell signal.
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