GBPUSD: Break Beneath the Price Level at 1.3050 Will Affirm a Stronger Bearish Sentiment

GBPUSD: Break Beneath the Price Level at 1.3050 Will Affirm a Stronger Bearish Sentiment

GBPUSD Price Analysis – January 5

GBPUSD fell for the second day in a row on fears of a war between the United States and Iran, ending the week near Friday’s low of 1.3051 level. Meanwhile, the foreign currency pair continues to head south below its mid-lines, in line with more upcoming declines.

Key Levels
Resistance Levels: 1.3700, 1.3514, 1.3284
Support Levels: 1.2905, 1.2582, 1.1958

GBPUSD Long term Trend: Bullish

In the bigger structure, the development is required to stretch out from the low level at 1.1958 lows upwards to retest the obstruction level at 1.3700. The result from that point may decide whether it ranges from the level at 1.1958 (low).

Albeit a consistent rupture of the 1.3700 level may show a long term bullish inversion. Be that as it may, until further notice, the pattern may stay bullish as long as the support level at 1.2582 counteracts instability.

GBPUSD Short term Trend: Bullish

GBPUSD spiked to 1.3284 level a week ago however it turned around from that point. The recovery from 1.2905 level is probably going to be finished. The initial sentiment on the drawback this week is for a trial of the level at 1.2905 support.

A sustainable break back to recover part from the level at 1.1958 to 1.3514 at the upward trendline may approach the correction of a part at 1.2506 level. On the upside, a breach of 1.3284 level may lead to a retest of 1.3514 level.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.