GBPUSD Makes Headway Above 1.240

Market Analysis – April 4

GBPUSD turned bullish after invalidating the bearish trendline on the daily chart. The price rallied to the resistance level of 1.240 in December. Due to the challenge faced by the buyers to push above the resistance level, the market formed a range between 1.240 and 1.190. The Bulls have finally made some headway above 1.240.

GBPUSD Key Levels

Demand Levels: 1.190, 1.110, 1.070
Supply Levels: 1.240, 1.310, 1.370

GBPUSD Long-Term trend: Bullish

GBPUSD Bears drove the market into a dip below 1.070. The bearish trendline served as resistance to the ascent of the market from February to October 2022. The s=Stochastic indicated that the market was well oversold in September. The will of the Bulls to take a turn was revealed by a prominent rejection hanging on the 1.070 demand level. After the cross of the Moving Averages (Periods 9 and 21) in October, the buyers successfully pushed above the bearish trendline.

The price got stuck between the supply level of 1.240 and the demand level of 1.190. The Moving Averages crossed above and below the Moving Average period of 21 to show the market was stuck in a range. After four months of contention since December, the buyers have eventually scaled through.

GBPUSD Short-Term trend: Bullish

The Lower Time Frame (LTF) Shows the break and retest of a bearish trendline between 1.240 and 1.190. The Buyers are expected to aim for the next resistance level of 1.310.

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