Market Analysis – December 11
GBPUSD sellers may grow in intensity. The sellers in the GBPUSD market are gaining strong momentum against the bulls. The bears have successfully pushed the price below the significant level of 1.26120. However, the buyers are not showing signs of giving up either. Nevertheless, indicators on the daily chart suggest a downtrend for this week.
GBPUSD Key Zones
Resistance Zones: 1.27320, 1.26120
Support Zones: 1.24600, 1.20000
GBPUSD Long-Term Trend: Bullish
In October, the GBPUSD price traded without a clear direction. The sellers drove the price down to the significant zone of 1.20000, leading to a period of struggle for both buyers and sellers. The buyers eventually found a path and started to break through the significant level of 1.2200.
Earlier this month, there was a bullish projection near the significant zone of 1.27320. However, last week, the bulls lost their momentum to push the price further, which has allowed the sellers to intensify their fight.
The Moving Average crossing is approaching a crossover, which may give the sellers an advantage to push the price lower. The pressure is currently against the buyers, and they will need to put up a strong fight to regain control. The Parabolic SAR (Stop and Reverse) is in a reverse progression, indicating the ongoing struggle between buyers and sellers.
GBPUSD Short-Term Trend: Bearish
The intense battle will likely continue, with sellers potentially driving the price further down to the significant zone of 1.24600 if the selling momentum persists. The sell traders therefore have an advantage at the moment as they pose a strong threat to buyers.
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