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Market Analysis – October 9
GBPUSD buyers pose a threat to the selling trend. The GBPUSD market sentiment is a complex interplay of emotions, with both buyers and sellers participating actively. At present, buyers are positioning themselves for a short-term bullish trend, while sellers are eyeing a long-term sell-off. The tug-of-war between these two factions is defining the current market landscape.
GBPUSD Key Levels
Resistance Levels: 1.28830, 1.27420
Support Levels: 1.25050, 1.20390
GBPUSD Long-Term Trend: Bearish
Towards the end of the previous month, sellers made a significant push, bringing the market down to the crucial 1.20390 level. However, their attempts to break through this level were in vain. As we entered the early days of October, buyers started to regain momentum. They began posing a serious threat to the established selling trend.
The recent resurgence in bullish momentum has raised the possibility of a price reversal in the GBPUSD market. While sellers had a firm grip on the market, the current situation suggests that stronger bullish sentiment could prevail. This shift is not set in stone, and the market remains dynamic. For a definitive reversal, buyers need to maintain their pressure.
One useful tool for assessing the long-term trend in the GBPUSD market is the Parabolic SAR indicator. As of now, it still indicates that bears continue to have a dominant presence. However, when we shift our focus to the daily chart, we observe a resurgence of buying activity. Traders may witness a more substantial pull in this direction before sellers can regain control.
GBPUSD Short-Term Trend: Bullish
The current market dynamics indicate that the bulls are temporarily in control, with the potential to strengthen their position. A decisive break above the significant level at 1.2280 would further reinforce the buying side of the market. However, it’s important to remain vigilant, as any resurgence of sellers could confirm a sell trend, especially on the 4-hour chart.
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