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GBPUSD Analysis – Price Held Back at 1.26030
GBPUSD sellers lose grip as buyers defend the 1.26030 key level. The pair has been showing strong bullish momentum since March when the bulls broke through the 1.18000 key level.
This bullish liquidity propelled the pair forward, pushing past various resistance levels as buyers defended the 1.26030 key level. However, the sellers couldn’t maintain their selling momentum, and the buyers were able to regain control, pushing the pair above the 1.26030 key level.
This break-out suggests that the bullish sentiment is still strong and that the buyers are ready to defend the 1.26030 level.
GBPUSD Key Levels
Resistance Levels: 1.30020, 1.26030
Support Levels: 1.18000, 1.11600
In the past few days, a pullback was observed to the 1.23150 key level before the buyers were able to bounce back and break through the 1.26030 key level. This suggests that the buyers are looking to maintain their hold on the pair and are likely to continue pushing the pair higher.
Shortly, the GBPUSD pair may be looking at further breakouts as buyers continue to defend the 1.26030 key level. The bullish sentiment is likely to remain strong, so traders should look out for more opportunities to enter the market.
However, if the sellers regain control and push the pair back below the 1.26030 key level, then the pair may be looking at a possible pullback. The recent sell-back of the 1.26030 key level has left buyers in a precarious situation.
Despite the drop in the buyers’ guard, the Bulls are already making a stand and defending the key level. This could mean that the sell-back is coming to an end as buyers now look to reclaim the 1.26030 level.
Market Expectation
On the 4-hour chart, the bulls are regaining their momentum and are looking to make a move toward the 1.30020 significant zone, where the sellers are starting to loosen their grip. This could be the perfect opportunity for the buyers to take back control of the market.
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