GBPUSD Price May Break Up $1.24 Level to Target Previous High at $1.26 – Cryptovibes.com – Daily Cryptocurrency and FX News

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GBPUSD Price Analysis – June 16

In case the resistance level of $1.24 is defended by the bears, the price may decline towards the support levels of $1.24, $1.23 and $1.22. The next upward movement may break up $1.24 to target the $1.25, and $1.26.

Key levels:

Supply levels: $1.24, $1.25, 1.26

Demand levels: $1.23, $1.22, $1.21

 

GBPUSD Long-term Trend: Bearish

GBPUSD is bearish on the long-term outlook. Last two weeks, the bulls seem to gain upper hand over bears. The price closed at the resistance level of $1.25. The bulls’ momentum failed and the mentioned resistance level could not be broken upside. There was a brief ranging movement within $1.25 and $1.24 levels. A bearish engulfing candle pattern formed and the price obeyed the command. The support level of $1.23 was broken downside and the previous low was tested at $1.19.

GBPUSD is increasing as the bulls’ pressure increases with the formation of daily bullish candles. The currency pair breaks up the resistance level of $1.23. The price is trading between 9 periods EMA and 21 periods EMA to establish a bullish trend. In case the resistance level of $1.24 is defended by the bears, the price may decline towards the support levels of $1.24, $1.23 and $1.22. The next upward movement may break up $1.24 to target the $1.25, and $1.26. The relative strength index period 14 is at 46 levels with the signal lines pointing up to indicate buy signal.

 GBPUSD Medium-term Trend: Bullish

GBPUSD is bullish on the medium-term outlook. The price action on 4-hour chart has formed an inverted head and shoulder pattern. It is a bullish reversal pattern and the price may target the resistance level of $1.25. When the buyers pushed the price to break the resistance level of $1.24, price may reach the $1.25 and $1.26 levels.

The price is already trading above the 21 periods EMA and the 9 periods EMA.  The Relative strength index period 14 is at 61 levels with the signal line pointing up which indicate buy.

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