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Market Analysis- March 5th
GBPUSD buyers reclaim strength once again. Over the past few months, traders have witnessed a series of ups and downs, with buyers and sellers battling for control. However, in recent times, the buyers have shown resilience and reclaimed their strength, pushing the price above the significant level of 1.25940.
GBPUSD Price Zones
Resistance Zones: 1.27150, 1.25940
Support Zones: 1.23750, 1.20800
GBPUSD Long-Term Trend: Bullish
The last few days of February proved to be challenging for the US dollar as the GBPUSD pair gained momentum. Breaking through the 1.25940 market zone, the pound garnered attention and established itself as a force to be reckoned with. It is important to note that both buyers and sellers faced difficulties during this period, as the market swung between accumulation and distribution phases. Finding a consistent rhythm for the GBPUSD price has been a daunting task for traders, leading many to seek assistance from forex signal providers.
Despite the market’s volatility, the bulls have persistently tried to breach the significant level of 1.27150 in the past few days. However, the dollar market managed to regain strength, pulling the price back to the key level of 1.25950 last week. As a new month begins, the bulls are once again on the field. There is a possibility of a breakthrough beyond the 1.27150 level, indicating a potential upward movement in the GBPUSD pair.
GBPUSD Short-Term Trend: Bullish
To gain further insights into market dynamics, let’s examine a couple of indicators. The Price Oscillator indicator reveals that the bulls are gaining momentum, with the price moving beyond the 0.00 line. This suggests that the buyers are gradually taking control of the market. Additionally, the Stochastic RSI (Relative Strength Index) indicates that the buyers have a strong presence in the market, further reinforcing the bullish sentiment.
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