GBPUSD Abounds in Reaccumulation Phase

Market Analysis – December 30

The GBPUSD market has recently formed a microstructure reflecting a complete cycle of buying and selling pressure within the daily timeframe. This activity has temporarily interrupted the ongoing bearish trend.

GBPUSD Key Levels

Demand Levels: 1.23000, 1.21000, 1.20000
Supply Levels: 1.28000, 1.30000, 1.33000

GBPUSD Long-Term Trend: Bearish

The long-term outlook for GBPUSD remains bearish. In September, the Williams Percent Range indicated overbought conditions, culminating in a significant swing high at 1.34340.

By October, a decisive drop below the 30- and 80-period Simple Moving Averages marked a shift in market sentiment from bullish to bearish. The downward movement paused upon reaching the key supply level of 1.28000, initiating the first accumulation phase. This phase was characterized by sideways price action before the market extended lower, breaking through the 1.28000 level.

GBPUSD Short-Term Trend: Bearish

In the short term, GBPUSD has entered another accumulation phase near 1.23000. This phase reflects a microstructure of brief bullish and bearish cycles. After completing this minor ascent and decline, the price appears ready for further downward movement. A decline toward the next key demand level at 1.21000 is anticipated, signaling a continuation of the bearish trend.
Traders monitoring forex signals may also observe correlations in market sentiment across forex and digital assets.

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