GBPUSD Struggles to Push Beyond 1.240

Market Analysis – February 13

GBPUSD struggles to push beyond 1.240 since the test of the resistance level at 1.240. Since the MACD (Moving Average Convergence and Divergence) indication of an uptrend in October, the expanding channel has guided the market to reach the supply zone of 1.240.

GBPUSD Key Levels:

Demand Levels: 1.190, 1.110, 1.070
Supply Levels: 1.240, 1.310, 1.370

GBPUSD Long-term Trend: Bullish

The rise in the value of the United States Dollar in 2022 dragged the GBPUSD market into the mud. The price declined steeply during the first three quarters of the year. The sellers of the Great Britain Pound caused the market to dive from a 1.370 supply level in February to a 1.070 demand level in October.

The tide of the market changed in October as rejection candles appeared below the 1.070 demand level. The Moving Average Convergence and Divergence (MACD) is significant because the market was oversold in October. This fostered the market trend reversal. The cross of the Moving Averages (periods nine and twenty-one) in October confirmed the new trend of GBPUSD.

GBPUSD Short-term Trend: Bearish

The market has rallied to the 1.240 key level since the bullish reversal in October. The market’s ascension has been hampered by stiff resistance at the key level. The cross of the Moving Averages on the daily chart has fostered a bearish market structure on the 4-hour chart. The market is currently diving to find support at 1.190.

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