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Market Analysis – April 2nd
GBPUSD sellers are likely to regain strong footing. The pair is currently facing a bearish outlook as sellers regain their strength and take control of the market. The bears have capitalized on the weakness of the pound. This has caused buyers to retreat and fail to push beyond the significant level of 1.26660.
GBPUSD Key Levels
Resistance Levels: 1.29060, 1.28060
Support Levels: 1.20350, 1.25350
GBPUSD Long-Term Trend: Bullish
At the beginning of the new week, the bears wasted no time leveraging the weakness of the pound. The buyers, unable to sustain their momentum, were unable to push beyond the significant level of 1.26660. It is worth noting that the buyers showed strength early last month, regaining confidence at the same key level.
However, their bullish run was short-lived, as they could only attract market attention up to the 1.29060 level before relinquishing control to the bears.
Since then, the bears have been the dominant force in the market, breaking through and retesting below the significant level of 1.28060. Undeterred by their initial success, the sellers continued to exert downward pressure with stronger intentions.
In recent days, the sellers managed to trade below the 1.26660 price level, leading to a struggle as the price accumulated. As a result, the market is now heading towards a significant level of 1.25350.
GBPUSD Short-Term Trend: Bullish
The strength of the US dollar plays a significant role in the bearish outlook for the GBPUSD pair. As the US dollar strengthens, sellers are more likely to penetrate through several key levels. The 1.25350 price level has been a strong barrier for sellers for months, with their attempts to break through met with resistance.
However, it is only a matter of time before the bears finally escape beyond this market zone, given the weakening pound.
The Stochastic Momentum indicator, which is spread on the sell side of the market, further supports the bearish outlook for the GBPUSD pair. However, it is important to note that market reversals can occur, and the significant level of 1.25350 may hold once again.
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