Market Analysis – May 1st
GBPUSD is making its third attempt since November to bridge the resistance zone of 1.2459. The contention at the key level has been so stiff that the market has remained in the zone for a few days.
GBPUSD Key Levels
Demand Levels: 1.1900, 1.1100, 1.0700
Supply Levels: 1.2450, 1.3100, 1.3700
GBPUSD Long-Term Trend: Bullish
A year has passed since the fall in the price of GBPUSD below 1.2450. Ever since May last year, the Bulls have failed to shoot beyond the resistance level. The market experienced a long period of sell-side delivery from January to November 2022. After a bounce off 1.070 in September when the Williams % R( Percent Range ) was oversold. The market pulled back rapidly with inefficiently traded regions in its pullback. The price dropped to fill up the inefficient regions in September, after which the pullback was converted to a complete reversal.
The Buyers raced to the resistance level of 1.2450. The first attempt at a breakout failed in November. Another failed attempt was observed in February. The Bulls are making their third attempt since November 2022 to break the resistance level of 1.2450.
GBPUSD Short-Term Trend: Bullish
The Williams % R is overbought on the daily and four-hour time frames. The price might pull back to the supporting trendline on the daily chart to finally break 1.2450.
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