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Market Analysis- June 12
GBPUSD has recently experienced a shift in market structure, flipping to a bullish direction as it targets the resistance level of 1.2700. The previous resistance level of 1.2600 has been surpassed by the buying pressure from the bulls.
GBPUSD Key Levels
Demand Levels: 1.2300, 1.2200, 1.2000
Supply Levels: 1.2700, 1.2800, 1.2900
GBPUSD Long-Term Trend: Bullish
GBPUSD buyers encountered exhaustion upon reaching the resistance level of 1.2700. Rejection candles appeared at the resistance of the Bollinger band, leading to a bearish shift in market structure. The market subsequently dipped into the oversold region below 1.2600.
However, the lower Bollinger Band acted as support, enabling a breakout above the significant level of 1.2600. Currently, a bullish trendline is providing support as the market aims to attack the key level of 1.2700.
GBPUSD Short-Term Trend: Bullish
Six consecutive bullish candles on the 4-hour chart indicate strong buying momentum. However, it is worth noting that the market is currently overbought on both the higher and lower timeframes. Consequently, a pullback to the bullish trendline is anticipated, which would likely fuel buying pressure and assist in breaking the 1.2700 resistance level.
In conclusion, the GBPUSD market structure has shifted to a bullish stance, with the price targeting the resistance level of 1.2700. Traders should monitor the key levels mentioned above for potential support and resistance areas. The long-term trend remains bullish, while short-term indicators suggest a possible pullback before the buying pressure intensifies to break the 1.2700 level.
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