Market Analysis – April 29th
The GBPUSD price is currently demonstrating an upward trajectory towards a fair value gap situated below the 1.2700 mark. This movement occurs amidst a prevailing downward trend evident within the market structure, notably initiated by a dip below the April swing low of 1.250.
Key Levels for GBPUSD:
Demand Levels: 1.2210, 1.2040, 1.1830
Supply Levels: 1.2710, 1.2860, 1.3140
GBPUSD Long-Term Trend: Bearish
Both the Stochastic and the RSI indicators on the daily chart have transitioned away from oversold conditions towards the center, indicating the current upward price movement. Below the pivotal 1.270 swings high lies a fair value gap resulting from swift price movements, indicative of inefficient trading activity in that region.
The ongoing ascent in price suggests a retracement towards this gap to facilitate more efficient price delivery. Additionally, a bearish trend line drawn from significant highs further reinforces the potential resistance the bullish retracement may encounter upon testing.
GBPUSD Short-Term Trend: Bullish
In the short term, the four-hour chart illustrates a bullish trend, with the price nearing entry into the fair value gap. Notably, the Stochastic indicator has reached overbought territory, while the RSI is approaching the same region in the four-hour timeframe. A prudent target for a downward resumption could be the previous low of 1.2340.
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