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Market Analysis – January 15th
GBPUSD price stays in a choppy stage as traders find it hard to strike a deal. Cable, as GBPUSD is commonly referred to, has failed to gain a solid flow since the beginning of the year. The market has been in a decisive state, with both buyers and sellers battling for dominance.
GBPUSD Important Zones
Resistance Zones: 1.28670, 1.26070
Support Zones: 1.23670, 1.20640
GBPUSD Long-Term Trend: Bullish
For several weeks now, the buyers have only managed to break through the significant zone of 1.28000 once. The early start of the year showed the buyers gaining stronger intention, initiating a rise from the price level of 1.26070.
Last week, the buyers continued their buying pressure, surpassing the significant level of 1.27000. However, the sell traders are close to entering the scene as the buyers start to lose strength.
The current state of the GBPUSD market indicates a lack of adequate liquidity flow. Despite setbacks, the buyers are still looking to maintain a constant flow. The Moving Average reflects that buyers are still favored in the long-term trend.
However, bullish sentiment remains tight for more flow at the moment. The market is currently engaged in a tug of war, lacking a clearer direction.
GBPUSD Short-Term Trend: Bearish
Traders will need to exercise patience before attempting to decipher what cable has to offer. Nevertheless, the bulls remain in control, and there is a possibility of the bullish sentiment growing stronger later on. This trader can take advantage of before making any decision.
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