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Market Analysis – January 29th
GBPUSD is stuck in consolidation, waiting for a breakout. The price of GBPUSD is currently in a silent phase, showing no signs of expanding. The bulls have been unable to make significant progress for months, while the sellers have struggled to achieve a solid breakthrough lower. The daily chart reflects a dormant and unyielding market.
GBPUSD Key Levels
Resistance Levels: 1.28270, 1.26010
Support Levels: 1.23860, 1.20750
GBPUSD Long-Term Trend: Bullish
For about two months, the bulls had been building up progress, but suddenly, the bullish momentum declined. From November onwards, the momentum indicator showed a series of large spikes. This was evident as buyers chose to move away from the significant level of 1.20750 in early November.
The buyers made significant progress, reaching as high as 1.28270 before facing setbacks. Since then, the market has been stuck in consolidation with little movement. Throughout this year, the momentum indicator has remained stable around the 0.000 level. This indicates a lack of momentum in the currency pair.
The Bollinger indicator also reflects the quietness of the price as it remains stuck in consolidation. Traders should be on the lookout for a breakthrough in the market. With the assistance of accurate forex signals following a breakout, traders can align themselves with the flow of the market.
GBPUSD Short-Term Trend: Bullish
The momentum indicator in the short time frame has been silent, and the market has been stuck in consolidation since then. The lack of momentum is evident early this year.
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