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GBPUSD Analysis – The Bears Are Stepping Back Into the Race
GBPUSD bows to pressure following a strong rally. The price started off this year on a bullish note as buyers took the lead in the market. However, the sellers have jumped in to push back the bulls and prevent further gains.
This week, the buyers could not break the resistance at 1.28490, and this enabled the sellers to gain momentum. As a result, the GBPUSD has bowed to the selling pressure, and price movement has been bearish since then.
GBPUSD Key Levels
Resistance Levels: 1.28490, 1.27140
Support Levels: 1.20450, 1.18000
At the moment, traders are watching the market closely to see if the sellers will be able to maintain their foothold. If the sellers continue their bearish pressure and keep the bulls at bay, it could mean that the GBPUSD will remain range-bound and volatile. It is also possible that the buyers will take the opportunity to regain control of the market and push prices higher.
The GBPUSD bulls have been on an incredible run, pushing the price from the 1.18000 market zone up to the 1.26030 key area, where they have been facing strong resistance.
This resistance has so far been too much for them to breach, with the price now staying above the 1.20630 key area. Despite this, the sellers have been pushing back, which could result in a pullback to the next available key area, the 1.27140 level.
Market Expectation
Market ExpectationOn the 4-hour chart, the sellers are pressing with strong liquidity, with the Stochastic RSI (Relative Strength Index) indicating sell pressure. This could mean that the buyers will struggle to push above the 1.28490 key level, though they may still be able to do so. In the event of a pullback, it could be short-lived, with the bulls regaining strength if they are able to maintain their momentum.
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