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Market Analysis – August 7th
GBPUSD buyers defend key market level amidst selling pressure. The buyers are actively defending the 1.27010 market zone as they strive to counter the prevailing selling trend. Following a failed penetration beyond the 1.31370 level in July, sellers took control. As a result, the sellers dominated the market from mid-July until now. However, the start of this week marks a renewed effort by buyers to stage their defense at the key zone of 1.27010.
GBPUSD Market Levels
Resistance levels: 1.31370, 1.29430
Support Levels: 1.25970, 1.27010
GBPUSD Long-Term Trend: Bearish
The outcome of this week will largely depend on the strength of the buyers’ defense at this market level. If they can maintain their resolve, the market dynamics may shift in their favor. However, sell traders are still showing resistance and are not willing to give up easily.
Technical indicators provide some insight into market sentiment. The Moving Average Crossing indicator still suggests a bearish moment, despite the buyers’ defense efforts. However, the Chaikin Money Flow Indicator is positioned around the middle level. It, therefore, indicates a decrease in money flow as sellers struggle to push the price lower.
GBPUSD Short-Term Trend: Bearish
On the 4-hour chart, buyers are aiming to push further into the market. Therefore, additional momentum is needed to bring about a significant change. If buyers succeed, it could present an opportunity for a push toward the 1.29430 market level. Traders closely monitoring this market should pay attention to how the buyers fight back. The ability of buyers to hold their ground will be a key factor in determining the direction of the market.
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