TradingView Analysis

GBPUSD Price Breaks Up $1.37 Resistance Level, Targeting $1.38

GBPUSD Price Analysis – July 22

In case the bulls push the price to $1.38 level and it breaks it up, the key resistance level of $1.39 and $1.40 may be tested. Should the resistance level of $1.38 holds, the price may find support levels at $1.37, $1.36, and $1.35.

Key levels:

Supply levels: $1.38, $1.39, $1.40

Demand levels: $1.37, $1.36, $1.35

 

GBPUSD Long-term Trend: Bearish

On the daily chart, GBPUSD is bearish.  The currency pair has been making lower highs and lower lows since June; this is a bearish trend price action. Also, the price action has formed a descending channel and the pair has been trending lower within the channel.  Last week, the pair closed below the $1.37 level. On July 19, the bears pushed down the price to penetrate the support level of $1.37 and $1.36, the daily candle closes below the level.

GBPUSD Daily chart, July 27

Yesterday, the bulls take over and the price continues its bullish trend. The price is targeting the resistance level of $1.37 at the moment. GBPUSD is trying to break up the 9 periods EMA and 21 periods EMA which indicates an increase in the bullish momentum. In case the bulls push the price to $1.38 level and it breaks it up, the key resistance level of $1.39 and $1.40 may be tested. Should the resistance level of $1.38 holds, the price may find support levels at $1.37, $1.36, and $1.35.

 GBPUSD Medium-term Trend: Bullish

On the 4-hour chart, the bulls holds the market. The bears’ pressure was weak last week and could not break down the support level of $1.35. This week, the bulls’ momentum increases and the former resistance level of $1.37 turns to support level.  The price is heading towards the resistance level of $1.38.

GBPUSD 4 hours, July 22

GBPUSD is trading above the 9 periods EMA and 21 periods EMA which indicates that the bulls are in control of the GBPUSD market. The relative strength index period 14 is pointing up at 60 levels to indicate buy signal.

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