GBPUSD Analysis – GBPUSD Drops on Sell Pressure
GBPUSD sellers could extend the decline below the 1.28280 key level. This implies that the market could have a tough week since last week’s bearish progression has been quite gradual. The bulls were unable to push their buying momentum beyond the 1.31420 market level as the bears kept on selling at every point. This situation has been ongoing since March, yet the bullish trend remains strong. It is likely that the sellers will pull out of the market soon due to the general bullish trend of the GBPUSD price.
GBPUSD Important Levels
Resistance Levels: 1.31420, 1.30150
Support Levels: 1.28280, 1.26060
GBPUSD Long-Term Trend:Bullish
The bulls have been holding their own despite the selling pressure, which is indicative of the bullish strength in the market. This could mean that the sellers could take a backseat, allowing the buyers to make headway in the market. Overall, the current market situation indicates a bearish week that could cause the sellers to retreat and allow the buyers to make headway. The bullish trend of the GBPUSD price could also aid the buyers in their efforts.
For traders, the 1.28280 market level is an important indicator of the state of the market. Once solid momentum is observed below the 1.28280 level, this should be a signal for sell-side traders to join the selling motion. However, buyers should be on the lookout for a buy reversal around the 1.28280 key zone. This could create a stronger bullish trend in the market if there is more pressure around the 1.28280 area.
GBPUSD Short-Term Trend: Bearish
On the 4-hour chart, buyers are searching for a way in as the RSI (Relative Strength Index) is on the low side. This indicates that selling strength is almost over in the market. It is important for buyers to be patient and wait for the right moment to enter the market.
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