GBPUSD Buyers Show Aggression Aiming for Breakthrough

Market Analysis – January 1st 

GBPUSD buyers show aggression aiming for a breakthrough. GBPUSD continues to witness buyer aggression as it strives for a breakthrough. The bulls have been displaying a slow but steady impulse. Also, the sellers have been holding back, creating a tense battle for control. The buyers have been struggling to penetrate the significant level of 1.28270, but their determination remains strong.

GBPUSD Key Levels

Resistance Levels: 1.28270, 1.26100
Support Levels: 1.20490, 1.18110

GBPUSD Long-Term Trend: Bullish 

The GBP market has shown resilience and strength throughout the last quarter, despite the challenges posed by the sellers. After consolidating around the key level of 1.20490, the bulls embarked on a strong uptrend. They have been striving for further breakthroughs but have encountered resistance at the 1.28270 level. Despite this setback, the buyers remain optimistic about opening the floor for more progress this year.

Buy momentum has decreased, and sellers have been hindering the bullish progress. However, the bullish trend continues to cycle according to the MACD (Moving Average Convergence and Divergence) indicator. The drop in momentum suggests that buyers have temporarily lost track of their momentum. As momentum increases, we can anticipate more intensity in breakouts beyond the 1.28270 significant level.

GBPUSD Short-Term Trend: Bullish 

While buyers currently face resistance, their determination and the cyclic nature of the bullish trend indicate the potential for further breakthroughs. In the near future, we could see a more bullish trend play out as the euro gets stronger.

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