The GBPUSD price rose steadily during March and April until the resistance level of 1.260 was tested. The bullish trendline has aided the bullish run until this moment. A bearish shift in market structure was established in May. The price seems ready for a dive.
GBPUSD Key Levels
Demand Levels: 1.240, 1.180, 1.130
Supply Levels: 1.260, 1.280, 1.300
The test on the supply level of 1.260, when the Stochastic was overbought in May, resulting in an attack on the previous support level of 1.240. The zone failed to hold, which resulted in a decline in the GBPUSD price. Just after the break of the zone, bullish candles aligned to retest the Moving Averages (periods nine and twenty-one), which had just crossed to signify bearishness.
The Stochastic is also diving away from the overbought region as bearish candles are assembling towards the supporting trendline.
GBPUSD Short-Term Trend: Bearish
The bullish order block on the 4-hour chart has been defied. The 4-hour candles have also fallen below the Moving Averages. The price is expected to dive towards the bullish order block of 1.220.
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