Market Analysis – February 6
GBPUSD breakout of the expanding Channel. The Market has been prominently soaring as the market continues to sweep through resistance levels. The price of Actos is currently revealing signs of a bearish reversal.
GBPUSD Key Levels:
Demand Levels: 1.190, 1.110, 1.070
Supply Levels: 1.240, 1.310, 1.370
GBPUSD Long-term Trend: Bullish
GBPUSD turned bearish after consolidating between 1.240 and 1.190. The Parabolic SAR (Stop and Reverse) fostered the price decline in August and September. The price sank to the demand level of 1.070 before the bulls took over the market. Long shadows formed below the daily candles at the 1.070 demand level to show the rejection at the zone. The Parabolic SAR signaled an uptrend.
GBPUSD experienced a bullish reversal in October. The market reached the 1.240 supply level in December through an expanding channel. The price is currently stuck between 1.240 and 1.190.
GBPUSD Short-Term Trend: Bearish
The market is currently diving to the lower border of the range at 1.190. A displacement below the key level would be confirmation of a trend reversal to dive to 1.110.
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