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.
You can purchase Lucky Block here. Buy LBLOCK
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
- Broker
- Min Deposit
- Score
- Visit Broker
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Award-winning Cryptocurrency trading platform
- 14 Cryptoassets available to invest in
- FCA & Cysec regulated
Highly volatile unregulated investment products. No EU investor protection.
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
