GBPUSD Buyers Migrate Close To The 1.25500 Key Level

GBPUSD buyers migrate close to the 1.25500 key level. The pair has been experiencing a bearish trend for the past few weeks as sellers have dominated the market. The price has dropped from above the 1.30000 major level in July to below the 1.25500 key level in September. This indicates strong selling pressure. However, the buyers have not given up yet, as they have shown some signs of recovery in recent days.

Resistance Levels: 1.30050, 1.27470

Support Levels: 1.23110, 1.25500

The price has also been trading below the 7-day and 14-day moving averages, which act as dynamic resistance levels. The MACD indicator is in negative territory, confirming the bearish momentum.

However, the buyers have also shown some strength in the market, as they have managed to create a bullish pullback. The price has bounced back from the 1.24800 low and moved closer to the 1.25500 key level. This was previously a support and now acts as a resistance. The buyers have also pushed the price above the 7-day moving average, which may indicate a short-term bullish reversal.

The 4-hour chart of GBPUSD reveals more details about the recent price action. The price is currently testing the 14-day moving average on the daily chart. If the buyers fail to break above this level, the sellers may take advantage of this opportunity. However, if the buyers manage to break above this level, they may trigger a bullish breakout towards higher levels, such as 1.26000 or 1.27000.

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