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Market Analysis – July 31
GBPUSD makes an effort amidst sell pressure. The buy traders are suddenly reducing the bearish pressure the market is experiencing. The past week saw a significant sell-off in the GBPUSD market, with the sellers pushing prices below the 1.28270 market level. Despite this, the market eventually closed with a bullish gain as buyers entered the market to fill the vacuum. This led to a break above the 1.28270 key zone, which resulted in the bulls pushing the prices up to the 1.31490 market level.
GBPUSD Key Levels
Resistance Levels: 1.31490, 1.29430
Support Levels: 1.28270, 1.25110
GBPUSD Long-Term Trend: Bearish
However, the buyers’ momentum was not enough to challenge the resistance level, and the market has since been under bearish dominance. The sellers pushed through the 1.29430 level and retested it before pushing further downward. This led to the bears breaching the 1.28480 key level. With all these factors, the buyers are now making extra gains despite the bearish pressure.
The start of the new month brings with it the possibility of further bearish pressure in the long run. The GBPUSD price is likely to keep bowing to the pressure. The buyers will have to muster up enough strength to challenge the resistance level as the sellers continue to make their presence felt in the market. It remains to be seen how the market will play out in the coming days as the bearish and bullish forces continue to battle for dominance.
GBPUSD Short-Term Trend: Bullish
The bulls are still in for extra gains despite bearish dominance in the market. From the Stochastic Indicator side on the 4-hour chart, the buyers are still in motion to push forward. The 1.29430 market level could be reacted to as buyers keep building up strength.
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