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Market Analysis- May 15
GBPUSD has experienced a false breakout above the resistance level of 1.2640. Multiple rejection candles hung on the resistance level before the aggressive dive in price to signal the shorting of the whales. The market has turned bearish with the break of the bullish trendline.
GBPUSD Trade Levels
Support Levels: 1.2450, 1.2260, 1.2020
Resistance Levels: 1.2640, 1.3100, 1.3700
GBPUSD Long-Term Trend: Bearish
GBPUSD crept up from the 1.2020 support level to the resistance level of 1.2640. The price experienced difficulty rising. The ADX (Average Directional Index) remained below 20 on the indicator phase, showing weakness in the market’s ascent.
The rise above the supply level could not hold as the buyers were already exhausted. A Parabolic SAR (Stop and Reverse) has formed a point above the current daily candle to reveal a price decline. The MACD (Moving Average Convergence and Divergence indicator) has also crossed in the overbought region to signal a sell-off.
GBPUSD Short-Term Trend: Bearish
The bullish trendline supporting the market’s ascent has been defied. The price has declined to the support level of 1.2450. The likelihood of the demand level appearing very weak as the sellers are aggressively driving the price into the dip. The break of 1.2450 is likely to lead the market to 1.2260.
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