GBPUSD Market Gyrates in Consolidation

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Market Analysis- February 20

GBPUSD market is currently trapped between the 1.240 supply level and the 1.190 demand level. The market consolidated within the same key levels as the previous year.

GBPUSD Key Levels

Resistance Levels: 1.240, 1.310, 1.370
Support Levels:1.190, 1.110, 1.080

GBPUSD Long-term Trend: Bullish

GBPUSD buyer appears to follow the same pattern as the sellers from the previous year. The market failed to break the 1.190 support level upon a single strike. In September, the second test of the demand level fostered a breakout. The market dived to 1.070 afterward.
The Bulls emerged from the 1.070 support level in September. An expanding channel guided the daily candles to the supply level of 1.240. The market broke below the ascending trendline after the second test of the supply level of 1.240. The market has experienced difficulty moving away from the zone between 1.240 and 1.190.

GBPUSD Short-term Trend: Bearish

The market has experienced a major bearish Break of Structure (BOS) after falling below the bullish trendline. The Stochastic has reached the oversold level on the daily chart. The market is expected to ascend as the Stochastic on the 4-hour chart is not overbought yet. The Demand level of 1.190 is expected to foster a takeoff to 1.240.

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