Market Analysis – May 21
GBPUSD is currently on a bullish course which will likely terminate soon as the market enters overbought regions. The price fluctuates around the resistance level of 1.2710. A failure to enforce a breakout would lead to heavy shorting at the zone.
GBPUSD Market Analysis
Demand Levels: 1.2300, 1.2200, 1.1830
Supply Levels: 1.2700, 1.2860, 1.3140
A giant symmetrical triangle is visible on GBPUSD’s daily chart. The third test of the supporting trendline border fostered a price reversal to the upside. At the test of the supporting trendline, the RSI (Relative Strength Index) signaled the exhaustion of sellers.
Shortly after the bounce off the trendline, the Smoothed Heikin Ashi Candles hue turned green to denote a bullish course. The price of GBPUSD is just below the resistance trendline. This is expected to generate bearish sentiments that would lead to short forex signals.
GBPUSD Short-Term Trend: Bullish
The RSI is just reaching the oversold region which is of advantage to Bears. The Bulls are currently challenged to enforce a breakout above the bearish trendline. A break above the supply level of 1.2860 would establish a bullish trend.
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