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GBPUSD Price: Support Level at $1.37 Could Not Hold, Further Declination Envisaged

GBPUSD Price Analysis – July 01

When the bears increase their momentum, the support level of $1.36 may be reached and break down to expose the support levels of $1.35 and $1.34. Above the current price are resistance levels at $1.37, $1.38 and $1.39.

GBPUSD Market

Key levels:

Resistance levels: $1.37, $1.38, $1.39,

Support levels: $1.36, $1.35, $1.34

 

GBPUSD Long-term trend: Bearish

On the daily chart, GBPUSD is bearish. The sellers intensify their pressure on GBPUSD market. The bulls pushed up the price towards the dynamic resistance level and could not break up the level. The bears took up the market with the formation of more bearish daily candles. Today, another daily strong bearish candle emerges and it break down the support level of $1.37. The price currently targeting the support level of $1.36 level.

GBPUSD daily chart, July 01

The price continues trading below the 9 periods EMA and the 21 periods EMA at distance which indicate that sellers’ pressure is increasing. The relative strength index period 14 is at 20 levels with the signal lines pointing down to indicate sell signal. When the bears increase their momentum, the support level of $1.36 may be reached and break down to expose the support levels of $1.35 and $1.34. Above the current price are resistance levels at $1.37, $1.38 and $1.39.

 

GBPUSD Medium-term Trend: Bearish

GBPUSD is on the bearish movement on the medium-term outlook. Last week, the price tested the support level of $1.37 and bounced up as a retracement towards the $1.39 level. The bears opposed the increase with the formation of bearish candle. Further declination is taking place and it has penetrates the support level of $1.37.

GBPUSD 4 hour chart, July 01

 

The price is trading below the 9 periods EMA and the 21 periods EMA as an indication of bearish momentum. The relative strength index period 14 is at 20 levels displaying sell signal.

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