GBPUSD Stage a Bounce Back Around Two Weeks Low Past 1.2350 Level

GBPUSD Price Analysis – April 22

On Wednesday after plunging two weeks low and in the previous session, GBPUSD kept a moderate recovery in early trading. Throughout the mid-European session, the FX pair continued to increase in volume and revisit daily highs in the last hour of around 1.2385 level.

Key Levels
Resistance Levels: 1.3514, 1.3050, 1.2647
Support Levels: 1.2129, 1.1792, 1.1409

GBPUSD Long term Trend: Ranging

Glancing at the GBPUSD daily chart, the price is well below the average of 5 and 13 and a bearish trend has been established. The previously low level was 1.2129, while the moving average of 5 overhead is trending nearby.

In the wider context, there is no hint of the rebound to 1.1409 level. The recovery is stable.  Sooner or later the downward trend from 2.1161 (high) may continue. However, in the likelihood of the extreme rebound, the pattern will remain bearish while 1.3514 resistance level remains in place.

GBPUSD Short term Trend: Ranging

Intraday bias stays optimistic at first and before 1.2129 level, GBPUSD rebounds. On the other side, the level break of 1.2129 may suggest the recovery at the level of 1.1409 has been achieved.

The bias on the intraday may be reversed to the downside to restore the low level of 1.1409 while on the upside, the breach of the 1.2647 level may expand the recovery.

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