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Market Analysis – March 24th
GBPUSD bearish race may intensify below the 1.27600 key level. The bears have not been relentless in their pursuit, drilling the price lower throughout the week. This bearish momentum has overshadowed the buyers, leaving them struggling to gain any significant ground. Last week, the buyers attempted to strike a bargain beyond the significant level of 1.29100, but their efforts were in vain. As a result, the sellers took control once again, and now the market direction is firmly bearish.
GBPUSD Price Levels
Resistance Levels: 1.29100, 1.27600
Support Levels: 1.25320, 1.23700
GBPUSD Long-Term Trend: Bearish
The first few days of this month provided a glimmer of hope for the buyers. They managed to lift the price from the significant zone of 1.26000, showing signs of strength. However, their upward momentum was short-lived, as they could only push the price up to the 1.29100 level. This failure to cross over beyond this key level signaled a shift in market sentiment. The sellers seized the opportunity and regained control, driving the price lower.
The stochastic oscillator on the daily chart has changed its direction. This suggests a shift towards bearishness. Additionally, the MACD (Moving Average Convergence Divergence) is also showing a lower deal due to a decrease in bullish strength.
With the recent break below the 1.27600 price level, the sellers have set their sights on the next key level. As traders navigate from one key level to another, it is crucial to have reliable forex signals that provide a safe passage for profit.
GBPUSD Short-Term Trend: Bearish
In the short term, the GBPUSD market is currently consolidating below the 1.27600 key zone. This consolidation indicates a temporary pause in the bearish momentum. However, it also presents an opportunity for sellers to gain an advantage this week, potentially leading to further losses for the pound. If the bearish pressure continues, the bears could eventually drive the price down to the significant zone of 1.26000.
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