GBPUSD Bearish Strength Is Causing the Price to Sink

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GBPUSD Analysis – March 6

GBPUSD bearish strength is causing prices to sink. The month of February has shown a descending triangle formation, but the price has been rejected around the 1.19960 and 1.19120 levels. However, the general bullish run may end if the market breaks these levels. Compared to the overall bullish trend, the bears are trying to influence the market while running in the shadows of the bullish market. This gives bulls an advantage to eventually strengthen up to the 1.24480 level.

GBPUSD Significant Levels:

Resistance Levels – 1.26291, 1.24053
Support Levels – 1.19523, 1.19005

GBPUSD Long-Term Trend: Bearish

GBPUSD is currently forming a bearish descending triangle pattern. On February 28, 2023, the market tried to break the descending trendline. Although it succeeded, it failed to build on this to breach the next resistance levels. This led to a pullback in the support. There’s support right below the closing bearish candle of the 2nd of March, which is hindering the price from breaking below the 1.19120 support level, yet, there’s a possibility, that the price may still dip to 1.17380.

The bearish market is reinforcing areas within 1.21340 and 1.19120 as the GBPUSD advances closer to the significant support levels. The MA period 50 (Moving Average) is above the candles on the daily chart. This indicates the weakness of the bullish run. The RSI (Relative strength index) line shows an undulating market below the middle level of its chart, which is a bias to the advantage of the bears.

GBPUSD Short-Term Trend: Bullish

On the 4-hour chart, the market is punching its weight upward and has risen above the MA period 50. The RSI line has also risen above the 50 mark. However, the market is likely to struggle to reach the 1.21340 resistance level. This is exacerbated by the effort required to rise above the descending trendline before reaching the resistance level. This could eventually result in a drop below the current support level of 1.19960.

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