Market Analysis – April 10
GBPUSD has experienced difficulty rising beyond the resistance level of 1.240. The Buyers are making another daring attempt to break the resistance level.
GBPUSD Key Levels
Supply Levels: 1.240, 1.310,
Demand Levels: 1.190, 1.100, 1.070
GBPUSD Long-Term Trend: Bullish
The resistance trendline on the GBPUSD market failed to prevent an ascent in November. The shoot above the descending trendline with the support of the Moving Averages (periods nine and twenty-one) confirmed the uptrend. The market structure was bullish until the supply level of 1.240 was tested. The well-protected supply level has been tested twice since the bullish breakout above the resistance trendline.
The failure to break the resistance level of 1.240 has resulted in a consolidation in the market. The Buyers are also unwilling to accept a reversal of the current trend. The support level of 1.190 has also kept the price within the range. The Bulls have made their third attempt at a breakout above 1.240. The daily candles are peeping above the supply level. A false breakout is likely to be the outcome as the Stochastic is already overbought on the daily chart.
GBPUSD Short-Term Trend: Bullish
An expanding channel is obvious on the 4-hour chart. The daily candles have dived within the channel to test the supporting trendline. There is a lack of correlation between the indicators on the 24-hour and the 4-hour chart. Therefore, it is important to wait for further price action confirmations. The break of the support trendline may send the price back to 1.190.
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