The GBPUSD Market Is Now in the Hands of Sellers

GBPUSD Analysis – February 27

Sellers have gotten a hold on the GBPUSD market after the price was unable to breach the 1.24467 significant level. A significant drop is immediately seen toward the 1.19964 support level. To further plunge the GBPUSD beyond the support level, the sellers have constrained the price to a ranging movement through a descending channel.

GBPUSD Critical Levels

Supply Zone: 1.21340, 1.22642, 1.24476
Demand Zone: 1.19964, 1.19120, 1.17383

GBPUSD Short-Term Trend: Bullish

From late last year, the buyers began a strong showing in the market that took the price beyond multiple key levels till it ascended to the 1.24476 resistance level. This level proves impervious, and the price couldn’t bypass it. Sellers quickly stepped in to influence the market and plunged it to a significant demand level at 1.19120.

The 1.19120 support level is significant in the market and acts as a reversal point. The bulls took over from there to rally the price again, but once again there is a strong rejection at 1.24476 that GBPUSD couldn’t shake off despite multiple trials. Again, the sellers are given a free hand to influence the market, and they take advantage. The MA period 25 (Moving Average) is showing this as the line hangs above the daily candlesticks.

GBPUSD Short-Term Trend: Bullish

The sellers are further using a descending channel to conduct the price further downward. The EFI (Elders Force Index) power line has dropped below the zero level since the beginning of February and has found it hard to rise back above it as Sellers’ influence increases. The undulating nature of the market is seen as the 4-hour EFI line fluctuates around the equilibrium level. GBPUSD will likely drop much more freely if the sellers succeed in violating the 1.19120 support.

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