GBPUSD Rises Again to the Supply Level

Market Analysis – March 27

GBPUSD seems stuck between the significant levels of 1.2450 and 1.1820. Since the market ascended into the region, it has not been able to break out on both sides of the market.

GBPUSD Key Levels

Demand Levels: 1.1820, 1.1570, 1.1150
Supply Levels: 1.2450, 1.2660, 1.2700

GBPUSD Long-Term Trend: Ranging

In November, the Demand level of 1.1150 was very sensitive. The pullback from 1.1570 paused immediately at the test of the support level. The Williams Percent Range tipped below the -80 mark (oversold level), which caused a sudden halt of the pullback at 1.1150. The Parabolic SAR (Stop and Reverse) formed points immediately resting below the daily candles on the daily chart, showing the resumption of an uptrend.

A bullish order-block was left unmitigated at the 1.1570 support level. The market rose steadily to the supply zone of 1.2450 in December. The Williams Percent Range was already oversold. After a shift in the market structure, the price decline ed back to the 1.1820 support level. The support level has been tested three times since December without a successful breakout. Similarly, the supply level of 1.2450 has been tested twice since December without a successful breakout.

GBPUSD Short-Term Trend: Bullish

On the lower timeframe, the market is Bullish. The market is ascending to the supply zone again at 1.2450. The market is expected to fall back to 1.1820 since the Williams Percent Range is overbought. However, a breakout may play out to push the price to 1.2660

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