Market Analysis – August 21
GBPUSD requires additional buying force to advance. Buyers’ pressure from last week has diminished, as the bulls have lost momentum to drive the price higher. This decline could be interpreted as a sign of exhaustion or a potential reversal in market sentiment. The bears have maintained their hold for an extended period. However, at regular intervals, the buyers attempt to stage a comeback.
GBPUSD Important Levels
Resistance Levels: 1.31510, 1.29870
Support Levels: 1.36980, 1.26160
GBPUSD Long-Term Trend: Bullish
Since May, the bulls have been deliberate in their efforts to propel the price forward. At significant key levels, they have reinforced their strength to push higher. The market experienced a retracement at the 1.26160 key level after buyers broke above it.
GBPUSD continued its upward push until the buyers lost their grip around the 1.31510 key zone. As a result, sellers have maintained their control over the GBPUSD price.
Last week, the market attempted a modest increase, but the bears still retain control as the new week unfolds. It seems that the buyers require more support to make further progress in the market. Currently, sellers are stepping in as the struggle continues above the 1.26980 key level.
The decline in the momentum indicator indicates a decrease in the buying strength witnessed last week. On the daily chart, the Parabolic SAR indicator continues to favor the selling stream. Therefore, for visible gains, the buyers need to attract more opportunities.
GBPUSD Short-Term Trend: Bullish
Examining the 4-hour chart, we observe a period of accumulation, pointing to a lack of clear direction at the moment. As buyers and sellers continue their struggle, traders should remain attentive to price movements throughout the week.
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