GBPUSD Price Analysis – November 18
An increase in the bulls’ pressure may push the price to reach the resistance level of $1.35 and this may push up the price to penetrate the mentioned resistance level, the resistance level of $1.36 and $1.37 may be tested. Should the resistance level of $1.35 holds, price may reverse and decrease to the support level of $1.34, $1.33 and $1.32.
GBPUSD Market
Key levels:
Resistance levels: $1.35, $1.36, $1.37
Support levels: $1.34, $1.33, $1.32
GBPUSD Long-term trend: Bullish
GBPUSD is bullish on the daily chart. The currency pair embark on the bullish movement on the daily chart since November 12. It initially found support at $1.33 on November 11. A bullish engulfing candle formed and the price commenced a bullish movement. The former resistance levels of $1.34 has turned to support level. The price may reach $1.35 level.
Today, bulls are ruling the GBPUSD market as the daily bullish candle opens the market. The currency pair is trading above the 9 periods EMA and the 21 periods EMA which indicate a bullish market. The relative strength index period 14 is above 60 levels with the signal lines pointing upside to indicate buy signal. An increase in the bulls’ pressure may push the price to reach the resistance level of $1.35 and this may push up the price to penetrate the mentioned resistance level, the resistance level of $1.36 and $1.37 may be tested. Should the resistance level of $1.35 holds, price may reverse and decrease to the support level of $1.34, $1.33 and $1.32.
GBPUSD Medium-term Trend: Bullish
GBPUSD is on the bullish movement in the medium-term outlook. The bulls gained more pressure at $1.33 support level and the price is soaring towards $1.35 resistance level when the bears’ pressure failed and could not break down the $1.33 support level. At the moment, buyers are gaining more pressure and price increasing accordingly.
Today, the bulls are dominating the market and the price is trading above the 9 periods EMA and the 21 periods EMA as an indication of bullish market. However, the relative strength index period 14 is above 80 levels pointing upside to indicate buy signal.
