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After GBP/USD price fell to a multi-month lowest, near the close of September, price action in this market has been gathering moderate gains in the medium term. However, recently, although with reduced volatility, price activities have been progressing upwards and towards the $1.2500 price mark.
Important price Levels:
Resistance Levels: $1.2300, $11.2350, $1.2400
Support Levels: $1.2231, $1.2200, $1.2165
GBP/USD Stays Strong Despite Minor Setback
Looking at the GBP/USD market on the daily chart, one will pick up signs of selling pressure. Consequently, this seems to offer some impedance to price movement in the upward direction. The last price candlestick here formed in favor of the bears. Also, the lines of the Stochastic RSI indicator are now bent toward each other in what seems like an attempt to perform a bearish crossover. However, it is critical to note two things in this market. The first is that there lies some space between the bent lines of the Stochastic RSI indicator. Furthermore, the bears will have to remain in control of price action for some more time for the RSI indicator to decisively predict a further decline in the pair price. Secondly, price action stays significantly above the MA line of the Bollinger indicator. Consequently, this implies that the current market trend may not be so easily reversed by the bears.
GBP/USD May Have Started a Recovery Move
On the 4-hour GBP/USD market it could be seen that a green price candlestick has formed just on top of the Moving Average curve of the applied Bollinger indicator. Meanwhile, the Stochastic RSI curves have taken a downward bearing. Consequently, this may only be assumed to be due to the two consecutive wins which were recorded for the bulls over the past 8-hours. Nevertheless, going by the formation of the latest green price on the MA. Traders can assume that buying activities have begun already. By implication, we may predict that the GBP/USD price may move upwards from here towards $1.2400, and $1.2500.
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