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Market Analysis – November 7
GBPUSD price may subscribe to a bullish trend, thereby giving rise to a breakout. Technical analysis of the GBPUSD currency pair suggests that bullish momentum is developing. The buyers are showing strength and are ready to take control of the market. Although the price impulse is not yet strong for the bulls. However, there is potential for it to increase as the week progresses.
GBPUSD Price Levels
Resistance Levels: 1.31350, 1.28200
Support Levels: 1.20670, 1.17930
GBPUSD Long-Term Trend: Bullish
The price of GBPUSD has been limited in its supply since October, indicating a consolidation phase. However, before this consolidation, the sellers had a strong presence and pushed the price down to the 1.20670 price zone. This bearish tendency was eventually balanced out, leading to equilibrium in the market.
Currently, the bulls are preparing for big moves on GBPUSD and are gathering strength to counteract the sell influence. This is evident in the growing buy interest and the response seen on the MACD indicator.
GBPUSD Short-Term Trend: Bullish
On the 4-hour chart, there is a relaxation in price for the buyers. Nevertheless, they are likely to bounce back and continue their upward momentum. This suggests that there are still opportunities for buyers to take advantage of this week. Overall, based on technical analysis, it appears that the GBPUSD price is subscribing to bullish momentum, with the potential for more gains this week. There should therefore be a lookout for further bullish expansion.
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