Market Analysis – February 5th
GBPUSD sellers finally break free of the consolidation phase. In the new week, GBPUSD has experienced a breakout from its consolidation phase, with price volatility on the rise. The bulls, who had previously shown strong dominance, have been shut out by the bears. Instead of seeing a continuation of bullish momentum, it appears that the bears have won the race.
GBPUSD Key Levels
Resistance Levels: 1.28230, 1.26120
Support Levels: 1.26370, 1.20790
GBPUSD Long-Term Trend: Bearish
Since mid-December of last year, the GBPUSD price has been accumulating, with the bulls initiating their offensive move at the significant level of 1.20790. They were able to gather strength for a considerable period as buyers pushed the price higher. The bulls then extended their momentum up to the significant level of 1.28230. However, since the beginning of the new year, the market has been stuck in a consolidation phase.
This week, the sellers have made a considerable effort to push the price lower, indicating that the bears are in control. Before jumping into trades, traders should look out for the perfect opportunity with the assistance of the best forex signals. It is also important to consider what the short time frame is indicating.
GBPUSD Short-Term Trend: Bearish
In this short time frame, the bears remain in charge. Nevertheless, traders should keep an eye out for the bears’ order levels where they can find a perfect entry point. The Parabolic SAR (Stop and Reverse) indicator continues to drive deeper, suggesting that sellers are likely to maintain control this week.
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