GBPUSD Buyers Look to Regain Momentum in a Calm Market

Azeez Mustapha

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Market Analysis – October 25

GBPUSD buyers look to regain momentum in a calm market. The price is seeing a resurgence in buying activity this week, with buyers unwilling to remain on the sidelines. A brief selling trend occurred in previous weeks when buyers failed to advance beyond the critical 1.23420 significant level. GBPUSD sellers have been on a journey to recover lost ground.

 

They are high, with the hopes of pushing prices even lower, aiming for the 1.216360 significant level. The sellers dominated the market during the second quarter of the year. This has led to a significant drop after buy traders withdrew at the 1.31520 key zone.

GBPUSD Market Zones

Resistance Zones: 1.31520, 1.27850
Support Zones: 1.23420, 1.20390

GBPUSD Buyers Look to Regain Momentum in a Calm Market

GBPUSD Long-Term Trend: Bearish

As October began, buyers initiated a comeback, but their efforts only managed to push prices back up to the 1.23420 significant zone. Towards the end of last week, a counter-narrative emerged as sellers attempted to regain control. In the current scenario, buyers are determined to secure gains, even though the price lacks a clearly defined direction.

The Stochastic Oscillator currently weaves in the mid-40 level, indicating a degree of uncertainty in the market direction. The daily chart is yet to provide a clear direction, adding to the overall ambiguity in the GBPUSD market.

GBPUSD Buyers Look to Regain Momentum in a Calm Market

GBPUSD Short-Term Trend: Bullish

The market is currently characterized by consolidation, with no clear trend emerging. This consolidation has been persistent in the market, making it challenging to predict the future direction. The Parabolic SAR (Stop and Reverse) indicator on shorter timeframes also lacks clear insight regarding who holds control over the market. Despite the uncertainties, buyers in the GBPUSD market remain hopeful of achieving a breakthrough and gaining control.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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