GBPUSD Buy Traders Rekindle Flame

Market Analysis – November 20

GBPUSD buy traders rekindle flame as they may pose a strong threat this week. The buy traders are displaying resilience amid bearish sentiments. This week, buyers show signs of increasing their pace and determination, targeting the significant level of 1.25160. If their momentum continues to strengthen, a breach at this level could occur within the week.

GBPUSD Key Levels

Resistance Levels: 1.27940, 1.25160
Support Levels: 1.23850, 1.22000

GBPUSD Long-Term Trend: Bullish

Buyer strength has faced challenges in the GBPUSD market for months. Trace-back sellers were seen gaining dominance from July to October. Despite this, a notable attempt by bullish forces has emerged, encountering resistance from sellers. Last week, buy traders generated a robust liquidity drive, breaking through the 1.23850 significant level. However, they faced a setback as the momentum couldn’t extend beyond the 1.25160 price zone. This, however, led to a retest in the 1.23850 significant zone.

This week, buyers are showing determination for a comeback, and a breakthrough could be in their favor as momentum increases. The MACD (Moving Average Convergence and Divergence) indicates a growing pace in buy strength. Also, the Parabolic SAR (Stop and Reverse) remains on course, signaling continued buyer control.

GBPUSD Short-Term Trend: Bullish

Despite prevailing sell sentiment in the market, buyers maintain focus on making a breakthrough. On the 4-hour chart, the MACD and Parabolic SAR support the potential for increased buy strength. There could be a successful breach of the 1.25160 significant level.

 

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