GBPUSD Executes a Retest and Is Gunning for Higher Heights

GBPUSD Analysis – March 20

GBPUSD executes a retest and is gunning for higher heights. The market has had its upward movement blocked at 1.24480. The price then goes into a ranging phase with 1.22640 as the demand level. By early February, the sellers have grown stronger, and they take advantage to plunge the currency pair below the consolidation demand level.

GBPUSD Significant Levels:

Resistance Levels – 1.24480, 1.22640, 1.21340
Support Levels – 1.19960, 1.19120, 1.17380

GBPUSD Long-Term Trend: Bullish

Afterward, the buyers gained some traction and tried to push against the sellers. This only worked until the 1.22640 key level before the buyers exhausted their momentum. Once more, the sellers jumped on the market and plunged it even lower low. The process repeated itself, with the price dropping to a lower low each time.

This already sees GBPUSD ranging downward through a channel. The buyers then put in more effort after a scare that the price would break even lower. The result is a strong effort from the buyer to rally the market until it violates the upper border of the channel. The daily chart Momentum indicator shows that momentum has been on the increase since the bounce off the lower border of the channel.

GBPUSD Short-Term Trend: Bullish

The trend of the MACD (Moving Average Convergence Divergence) lines has changed also on the daily chart as bullish histogram bars accompany the rise of the lines above the zero level. A retracement in the market also caused a little drop in the 4-hour MACD lines, but they remain above zero. The Momentum indicator on the 4-hour chart is still rising.

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