GBPUSD Kicks off With a Momentum Drop

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GBPUSD Analysis – Price Could Fall Back to the 1.30120 Market Zone

GBPUSD kicks off with a momentum drop this week following its prolonged bullish purge. The price has been on a bullish streak since the start of June, with buyers pushing the market higher and higher. The buyers’ momentum has been strong, breaking through the 1.30120 significant zone and continuing to rise.

However, in the past week, GBPUSD market has taken a breather and the momentum has slowed down. The sellers are still active, pushing prices lower to the 1.21350 level, but the buyers are continuing their push forward. This could mean that there is potential for a pullback, but the buyers are still strong, and the market could continue its upward trend.

GBPUSD Key Levels

Resistance Levels: 1.30120, 1.28300
Support Levels: 1.23150, 1.25110

GBPUSD Long-Term Trend: Bullish

Traders are watching the market closely to see how this tug-of-war between buyers and sellers will play out. If the buyers remain in control, then the market could continue its upward trend. However, if the sellers gain more momentum, then there could be a break backward below the 1.30120 significant zone. This market is highly volatile and could go either way, so traders should be aware of the risks associated with trading GBPUSD. A pullback could be a great opportunity to enter the market at a lower price, but if the sellers gain the upper hand, then traders should be ready to exit their positions quickly.

GBPUSD is generally in the midst of a bullish trend as buyers continue to gain strength in the market. This is evident from the Stochastic oscillator, which has reached an overbought climax, signaling a chance for some selling pressure in the short term.

GBPUSD Short-Term Trend: Bullish

On the 4-hour chart, buyers are taking a breather, which could lead to a pullback in prices. However, the selling pressure is likely to be short-lived, with the Stochastic Oscillator predicted to run out of selling strength soon.

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