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Market Analysis – November 29
GBPUSD bulls refuse to drop guard. The pair have been locked in a battle between the bulls and bears for the past few months. Since July, the bears have been dominating the market, dictating the direction of the price. The bulls, on the other hand, have shown signs of weakness as the price retreated from the significant level of 1.31350. Their failed attempt to breach the 1.32000 zone further weakened their position.
GBPUSD Market Levels
Resistance Levels: 1.27780, 1.31350
Support Levels: 1.25150, 1.17930
GBPUSD Long-Term Trend: Bullish
However, there seems to be a resurgence in buying pressure. In October, the buyers started to regain their strength and pushed the price back up, almost reaching the 1.20000 market level. This revival of the bulls’ momentum is an encouraging sign for those hoping for a market turnaround.
As we head into the new week, the buyers have gained stability above the key level of 1.25120. They are determined to continue their bullish course, with the month of November gradually fading away. It is likely that we will witness further bullish expansion in the coming days.
On the daily chart, the next significant level the bulls are eyeing is the 1.27780 market zone. If they maintain their current momentum, we can expect the price to dictate this level. It is important to note that the Parabolic SAR (Stop and Reverse) indicator is still firmly supporting the bullish expansion. It confirms the potential for more buying opportunities.
GBPUSD Short-Term Trend: Bullish
Furthermore, the Stochastic Momentum Index (SMI), a momentum indicator, is also fueling up as the buying momentum increases. This indicates that the buyers are strong and eager for a recovery. With their relentless pressure, we can anticipate their dominance to grow stronger as the week progresses.
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