GBPUSD Is Ready to Scale More Heights After Breaching Its Descending Channel

GBPUSD Analysis – March 13

GBPUSD is ready to scale new heights after breaching its descending channel. The traders are trying to reinstall the market at higher price levels after a catastrophic beginning to February, which saw the market plunge more than 3% with consecutive bearish candles. The price dropped more than 5% into March before bulls summoned the strength for an upsurge.

GBPUSD Significant Levels:

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

GBPUSD Long-Term Trend: Bullish

At the beginning of February, the price first dropped with consecutive bearish candlesticks to around 1.19960, then it was confined to a downward-trending channel that ran through February and into March. It can be said that the buyers used the process to embolden themselves, and when the market dropped to 1.18000, they pushed through and broke out of the descending channel.

GBPUSD likewise used consecutive bullish candlesticks from March 8–13 to rise from the lower border of the downward-trending channel till it broke out of the upper border. In doing so, the EFI (Elders Force Index) power line has powered past the zero level into a positive value to shift the power tussle in favor of the bulls. The MA Cross (Moving Average) is yet to react to the sharp change in price direction.

GBPUSD Short-Term Trend: Bullish

The bullish signs are very clear on the 4-hour chart. The MA Cross has crossed each other to the upside in response to the upsurge in price. Also, the EFI power line has moved away from its fluctuating movement around the equilibrium line and is rising higher into a positive value. The GBPUSD bulls are now ready to scale new heights to reach 1.124480.

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