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Market Analysis – January 22nd
GBPUSD market remains in a deadlock as bulls struggle. The GBPUSD market continues to remain in a state of deadlock, with bullish momentum kept at bay for weeks. This prolonged period of consolidation is a clear indication of the struggle faced by buyers. Since December, the buyers have been grappling to regain control and make a comeback in the market. However, the price has remained stuck in a consolidation phase.
GBPUSD Key Levels
Resistance Levels: 1.28410, 1.25850
Support Levels: 1.23830, 1.20640
GBPUSD Long-Term Trend: Bullish
Multiple attempts have been made to break through the significant level of 1.28410, but the bulls are facing significant challenges. Despite the diminishing bullish strength over the past few weeks, the bears have not gained stronger momentum either. The buyers have shown resilience and determination by not giving up, especially after finding strength in the significant zone of 1.20640.
Currently, the buyers still appear to be falling short in terms of momentum. The market has been hovering around the mid-range since the beginning of the year. The daily chart’s price volatility index also reflects weak activity and a lack of pressure from buyers to move the market forward.
Nevertheless, there are indications of potential bullish expansion in the days to come. As the price continues to accumulate within the consolidation range, traders should anticipate a potential breakthrough.
GBPUSD Short-Term Trend: Bullish
In the short term, market volatility remains weak, indicating the need for bulls to regain their footing for further expansion.
Traders should closely monitor the market and anticipate a breakthrough as the price continues to accumulate. The bulls need to regain their footing for further expansion.
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