GBPUSD Price Analysis – July 09
Should the bulls able to break up the $1.26 price level with the daily candle close above it, the bullish movement may continue and reach $1.28 and $1.30 price levels. Inability to penetrate the supply level of $1.26 with the daily candle close below the mentioned level may return the price to $1.25, $1.23 and $1.22.
Key levels:
Supply levels: $1.26, $1.28, $1.30
Demand levels: $1.25, $1.23, 1.22
GBPUSD Long-term Trend: Bullish
GBPUSD is bullish on the long-term outlook. The bulls were fully in control of the GBPUSD market without much interruption from the bears. The buyers started gaining momentum on June 30 when a bullish engulfing candle appeared at the demand level of $1.22. The bullish momentum is strong enough to break up the supply levels of $1.25 and $1.26. It is currently making an attempt to break up the supply level of $1.26.
The 9 periods EMA and 21 periods EMA are pointing to the north with the price trading above the two EMAs which indicate strong bullish momentum. Should the bulls able to break up the $1.26 price level with the daily candle close above it, the bullish movement may continue and reach $1.28 and $1.30 price levels. Inability to penetrate the supply level of $1.26 with the daily candle close below the mentioned level may return the price to $1.25, $1.23 and $1.22. The relative strength index period 14 is at 60 levels with the signal line pointing up which indicates a buy signal.
GBPUSD Medium-term Trend: Bullish
GBPUSD is bullish on the medium-term outlook. The bullish momentum continues to increase in the 4-hour chart. The price action has formed an ascending channel in which the price is increasing within the channel. The price may break up the barrier at the supply level of $1.26 as the bullish candle is testing the level strongly.
The price is trading above the 21 periods EMA and the 9 periods EMA. The Relative strength index period 14 is at 70 levels with the signal line pointing to the north which indicates a buy signal.
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