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Market Analysis – August 14th
GBPUSD needs a solid push for a breakout. This currency pair requires a fresh surge of momentum to make a statement. This could be in favor of the bulls or the bears. Recently, the buyers have lost some of their drive, but they’re still eager to make their mark in the market.
The Bulls had a bit of a rough time after failing to make significant progress beyond the 1.29430 zone. However, back in March, the buyers started their campaign and managed to establish themselves. This led to a strengthening of bullish momentum. The GBPUSD price has been swinging back and forth, creating opportunities for price retests. The buying power kept pushing forward until eventually losing steam and failing to penetrate above the key level of 1.29430.
GBPUSD Market Levels
Resistance Levels: 1.29430, 1.26980
Support Levels: 1.23030, 1.20290
GBPUSD Long-Term Trend: Bullish
Right now, the market needs a substantial amount of strength to make a breakout. We’re currently seeing a decline, which means there could be a shift in the price trajectory. Although the bulls may appear suppressed at the moment, they’re still willing to create change.
The Parabolic SAR (Stop and Reverse) indicator has switched from a negative trend to a positive trend. This indicates a potential shift in sentiment. Additionally, the Stochastic Oscillator Indicator is currently showing an overbought condition. This suggests that buyers may regain their pace at any moment.
GBPUSD Short-Term Trend: Bearish
The 4-hour chart shows that the market is consolidating below the 1.26980 level. This means that the buyers will need to put in some extra effort to demonstrate their strength in the market.
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