GBPUSD Experiences a Bullish Breakout

Market Analysis – May 8

GBPUSD bullish breakout and retest above the bearish channel played out successfully. The price rise has reached the supply zone of 1.26810.

GBPUSD Key Levels

Demand Levels: 1.18190, 1.11410, 1.0360
Supply Levels: 1.26810, 1.29830, 1.32990

GBPUSD Long-Term Trend: Bullish

GBPUSD upward trend seemed to have reversed after the failed swing witnessed in the first quarter of the year. Lower highs on the 24-hour chart also seemed to be a reversal.

The buyers were awakened by the test of the support level of 1.18190 in March. The appearance of three white soldiers was an obvious sign of the emergence of the Bulls. A shift in the market structure led to an ascent and eventually a break from the parallel channel.

GBPUSD Short-Term Trend: Bullish

A retest of the resistance border of the channel made it function as a support. The price has delivered to the supply level of 1.28160, with lower momentum and volatility seen with the size of the daily candles and the angle of the ascent. On the lower timeframe, a bullish breakout and retest from a rising wedge below the supply level of 1.26810 are obvious. The contention currently exists as the Buyers attempt to break the supply level of 1.26810 to reach 1.28930.’

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