GBPUSD Loses Grip as Sellers Slip Lower

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Market Analysis – 8th April 

GBPUSD loses grip as sellers slip lower. It’s not good news for the pound, as it continues to lose ground against the dollar. The buyers, who had shown some strength in recent weeks, have now decided to slow down their progress.

The power struggle around the key level of 1.26830 has taken its toll on the buying momentum, causing it to decline once again. As we enter the new month, the buyers are struggling to find a clear stance, while the sellers are looking to retrace their steps back to the significant level of 1.25350. If they succeed in doing so, the pound is likely to weaken further.

GBPUSD Key Levels

Resistance Levels: 1.27980, 1.26830
Support Levels: 1.25380, 1.23780

GBPUSD Long-Term Trend: Bearish

Taking a look back at the market phase for the first quarter of this year, it becomes evident that GBPUSD has failed to make any significant improvements. The buyers have only managed to make a modest effort to breach the significant level of 1.27980. Even when they did manage to pierce through in March, their strength was quickly rejected at the 1.28930 level.

On the other hand, the sellers have been less determined to make a strong move this year, only trading down to the key area of 1.25350. However, it seems that they are now targeting this area once again.

This pivotal point presents a crucial juncture for GBPUSD. It will determine whether the pair resumes its consolidation phase or breaks through to new lows. A breakthrough would undoubtedly give the sellers an edge this time around.

GBPUSD Short-Term Trend: Bearish

The Relative Strength Index (RSI) is currently trading in the oversold range, indicating that the GBPUSD price is likely to slip lower this week. The sellers are aiming to push the pair back towards the key area of 1.25350, where a significant battle is expected to take place.

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