GBPUSD Buyers Fight Back Despite Strong Bearish Sentiment 

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Market Analysis – April 15th

GBPUSD buyers fight back despite strong bearish sentiment. A few days ago, the bulls succumbed to bearish sentiment, causing the GBPUSD pair to break through the 1.25220 price zone. This level had previously served as a significant barrier for the buyers, but the sellers managed to pave their way through.

However, the buyers quickly regrouped and showed strong input at the start of this month, indicating their determination to regain control.

GBPUSD Key Levels

Resistance Levels: 1.28930, 1.28060
Support Levels: 1.25220, 1.23750

GBPUSD Long-Term Trend: Bullish

The bulls had initially gained momentum earlier this year, attempting to force their way beyond the 1.26830 significant level. Their strength was evident as they pushed the price higher, but their efforts were thwarted by the bears.

Last week, the bears responded with vigor, pulling the pair back below the 1.25220 key level. This shift in market sentiment has put the pound sterling on the sell side, creating a tense atmosphere for traders.
 
As we enter a new week, the battle between buyers and sellers is expected to intensify. Traders will be closely monitoring the price action, looking for any signs of a potential reversal or further plunge.

The Parabolic SAR Stop and Reverse indicator, a popular technical tool, currently signifies a downtrend in the market. This suggests that the sellers still have the upper hand, and a pullback to the 1.25220 market level may still be in play before any significant recovery can occur.

GBPUSD Short-Term Trend: Bullish

To gauge the strength of buyers and sellers, traders often rely on various technical indicators. One such indicator is the price oscillator, which measures the momentum of price movements. At present, the price oscillator indicator is below the 0.00 level, indicating a bearish sentiment in the market. This suggests that the buyers are currently weak and may struggle to make a solid statement in the near term.

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