GBPUSD Exhibits Strong Bullish Momentum Amid Major Resistance

Market Analysis – March 10

GBPUSD Exhibits Strong Bullish Momentum Amid Major Resistance positioned at $1.27730, acting as dynamic support and maintaining prices above this level. Additionally, the Moving Average Convergence Divergence (MACD) histogram is in positive territory, with the MACD line exceeding the signal line, confirming the prevailing upward momentum. This suggests that buyers are firmly in control, strengthening the ongoing uptrend.

GBPUSD Key Levels

Supply Levels: $1.30470, $1.32500, $1.34340
Demand Levels: $1.27140, $1.23000, $1.21000

GBPUSD Long-Term Trend: Bullish

The price action reflects a clear bullish structure, characterized by GBPUSD consistently achieving higher highs and higher lows. A recent shift in market structure has led to increased buying pressure, pushing the pair beyond the $1.27140 resistance level. If the price retraces, the $1.27140 level may act as a pullback zone before the potential for further upward movement. The next major resistance level to watch is $1.30470, where the price may face strong resistance.

In the short term, GBPUSD is expected to sustain its bullish momentum, with a focus on the $1.30470 resistance level. A successful breakout above this threshold could result in further gains toward $1.32500 and potentially $1.34340. However, a pullback to retest the $1.27140 level remains possible before the next upward surge. As long as prices stay above $1.27140, the bullish structure will remain intact, supported by forex signals indicating continued strength in the market.

GBPUSD Short-Term Trend: Bearish

The four-hour chart for GBPUSD shows a bearish reversal as prices struggle to sustain levels above $1.29020. The MACD histogram is weakening, and the MACD line is crossing below the signal line, indicating a shift in momentum. If the $1.28650 low is breached, the price may decline toward the $1.27140 support level. Failure to hold above the SMA could confirm intensified downside pressure in the short term.

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