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Market Analysis – December 18th
GBPUSD buyers face resistance as sellers regain control. The buyers in the GBPUSD market are once again feeling the heat as the sellers make their presence known. The recent defeat near the 1.27800 price zone has tilted the market in favor of the sellers, as they continue to push the price lower.
GBPUSD Key Levels
Resistance Levels: 1.27800, 1.26120
Support Levels: 1.24480, 1.20000
GBPUSD Long-Term Trend: Bullish
The buyers had a promising start last week, but despite their initial gains, they have failed to make further progress. The last time the buyers managed to break through this key level was back in July, when the bulls easily penetrated the market, driving the price beyond the 1.30000 signal level. However, their momentum was short-lived as the sellers took charge and pushed the price down to a significant level of 1.21000.
Since October, the buyers have been engaged in a fierce battle, maintaining their momentum despite facing resistance from the sellers. As the year comes to an end, the buyers are still determined to make their mark. If buy momentum can build up again, there is a higher likelihood of breaking the 1.27800 price level.
Currently, the Relative Strength Index (RSI) indicates that sellers are rolling in, exerting their influence on the market. This suggests that the buyers may face further challenges in their quest for upward movement.
GBPUSD Short-Term Trend: Bullish
The GBPUSD is now at a crossroads, with both bulls and bears this week. If the bulls can successfully push past the 1.2780 resistance level and hold it, it could signify the buying trend gaining ground. However, if the bears regain control and push the GBPUSD back below the 1.26120 key level, it could confirm a continuation of the downtrend.
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