GBPUSD Buyers Plan to Regain Firmness

Market Analysis – November 15

GBPUSD buyers plan to regain firmness. The GBPUSD price has been in a downtrend since July. This implies that the price has been making lower highs and lower lows.

The sellers have been stronger than the buyers, and they have pushed the price down from 1.24320 to 1.21960 at key levels. These levels are often based on historical highs and lows, or round numbers. Traders use these levels to set their entry and exit points or to place their stop-loss and take-profit orders.

GBPUSD Market Zones

Resistance Zones: 1.27940, 1.25530
Support Zones: 1.24320, 1.21960

GBPUSD Long-Term Trend: Bullish

The buyers have been weak and unable to recover their strength. They have not been able to break above the 1.24320 level, which is a strong resistance level. They need more power and momentum to overcome the sellers. The buyer therefore needs stronger confidence to pull through.

The Relative Strength Index (RSI) primarily measures the strength of buyers and sellers. It has a single line that moves between 0 and 100. The RSI line shows how strong or weak the price is. When the RSI line is above 50, it means that the buyers are stronger than the sellers. The same also goes for the sellers.

The RSI and the MFI show that the GBPUSD price is still weak and under pressure. The RSI and the MFI have not shown any sign of a reversal yet. The buyers need to see a positive spike in both indicators to confirm a change in the trend.

GBPUSD Short-Term Trend: Bullish

The GBPUSD price is still in a struggle between the buyers and the sellers. The price is not moving much, and there is no clear sign of a breakthrough. Traders should be careful and watch the price closely for any changes. A strong move above the 1.24320 level could signal that the buyers have gained control. A strong move below the 1.21960 level could signal that the sellers have gained control.

 

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