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Market Analysis – August 28th
GBPUSD bearish pressure slows down at the 1.25980 key level. Sustaining momentum below this level would require a significant push from the sellers. However, the bulls are eager to regain strength and re-enter the market.
The overall trend remains positioned for further downside movement. The 1.25980 level is a critical area that will determine the market sentiment for GBPUSD. A successful breakthrough below this level would suggest room for bearish sentiment to prevail. The bears have shown their readiness to take action, as observed on the daily chart.
GBPUSD Key Levels
Resistance Levels: 1.31370, 1.29870
Support Levels: 1.28140, 1.25980
GBPUSD Long-Term Trend: Bearish
Since July, the bulls have encountered significant resistance. This has led to a bearish phase as buyers were held back at the 1.31370 level. Since then, the bears have positioned themselves for a downtrend.
Technically, the market has formed a head and shoulders pattern, with the neckline around the 1.25980 level. If sellers maintain their momentum, we could see further declines.
However, the buildup of buyers could potentially lead to a surprising turnaround. The MACD (Moving Average Convergence and Divergence) remains stretched out as sellers continue to exert pressure around the 1.25980 level.
GBPUSD Short-Term Trend: Bearish
On the 4-hour chart, the price is consolidating, indicating an accumulation phase before a breakout can be anticipated. A further break below the 1.25980 level would signal a downward trend for the GBPUSD. Traders should therefore brace for more selling impact.
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