GBPUSD Price Analysis – July 17
Traders that are looking for the breakout at the support side of the range should consider the significant barrier at $1.23. The inability to hold the price at just the mentioned level may lead the price to $1.22. The breakout at resistance level $1.26 may push Pound to $1.28 and $1.30.
Supply levels: $1.26, $1.28, $1.30
Demand levels: $1.25, $1.23, 1.22
GBPUSD Long-term Trend: Ranging
GBPUSD falls back to ranging zone on the long-term outlook. The British Pound found support at $1.22 price level on June 30. The bullish engulfing candle formed at the same level following day made the currency pair to enjoy an upward movement towards the resistance level of $1.26 when the significant price level of $1.25 and $1.23 could not hold the price. The price falls back to a confined zone within the resistance level of $1.26 and the support level of $1.25.
Traders that are looking for the breakout at the support side of the range should consider the significant barriers at $1.23. The inability to hold the price at just the mentioned level may lead the price to $1.22. The breakout at resistance level $1.26 may push Pound to $1.28 and $1.30. The price is trading on 9 periods EMA and 21 periods EMA in which the two EMAs are close; this indicates low momentum in the market. However, the relative strength index period 14 is at 60 levels with the signal line turning down to indicate a sell signal.
GBPUSD Medium-term Trend: Ranging
GBPUSD is ranging on the medium-term outlook. The currency pair was on the bullish trend before it was resisted at $1.26 price level. The bearish engulfing candle emerged on July 09 signals a bearish movement to the trader but could not go beyond $1.25 price level. The price is awaiting a breakout at a resistance level of $1.26 or at the support level of $1.25.
The interlocking of the 21 periods EMA and the 9 periods EMA with the price hovering over the two indicate that consolidation is ongoing. The Relative strength index period 14 is above40 levels with the signal line pointing downside indicate sell signal.