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Market Analysis – February 13th
GBPUSD buyers could face rejection as the price aims for recovery. The GBPUSD buyers have been making efforts to stage an uprising and fill up the trading zones. However, they could potentially face rejection as the bears show a lethal force that may yield lower this week.
Last week, the buyers were on a strong recovery, pushing the price higher. However, the bears managed to press down and reach the significant level of 1.25260. This consolidation of price for a while indicates a potential breakout soon.
GBPUSD Key Zones
Resistance Zones: 1.27870, 1.226640
Support Zones: 1.25670, 1.20500
GBPUSD Long-Term Trend: Bearish
Since the beginning of this year, the GBPUSD market has experienced a period of liquidity conservation within a silent range. However, the month of February is expected to bring strong expansion and increased market activity.
Despite the recent forceful breakout from sellers, there is still a possibility of strong bearish pressure in the market. Currently, GBPUSD shows sellers taking a break, while buyers plot a move to fight back beyond the significant level of 1.26640. Traders should be prepared for either the buyers overcoming the resistance level or a potential market U-turn.
GBPUSD Short-Term Trend: Bullish
The buyers have yet to apply strong pressure to the market, and the RSI (Relative Strength Index) hasn’t picked up a strong trend from the market yet. This indicates that there is still uncertainty and the potential for further price movements. To navigate these market conditions effectively, traders should consider utilizing the best forex signals available. Utilizing the best forex signals can greatly assist traders in making reasonable profits in the market.
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