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Bulls May Take Over Market at $1.22 – Cryptovibes.com – Daily Cryptocurrency and FX News

Bulls May Take Over Market at $1.22 – Cryptovibes.com – Daily Cryptocurrency and FX News


GBPUSD Price Analysis – May 19

Further increase in the price of GBPUSD is highly envisaged as the currency pair is breaking up the resistance level of $1.24, the next upward target will be $1.25, and $1.26. Should the resistance level of $1.24 is defended by the bears, the price may decline targeting the support levels of $1.23, $1.22 and $1.20.

Key levels:

Supply levels: $1.24, 1.25, $1.26

Demand levels: $1.23, $1.22, $1.20

 

GBPUSD Long-term Trend: Bearish

On the long-term outlook, GBPUSD is bearish. The currency pair found support at the $1.22 level as sellers continue to hold the GBPUSD market. The demand level of $1.22 hold the price, and this made the price pulled back to retest the resistance level of $1.24. In other words, the bulls are trying to dominate the market. Today, buyers are dominating market.

The 9 periods EMA is below the 21 periods and the price is trading between the two EMAs which indicate an increase in the bulls’ momentum. Further increase in the price of GBPUSD is highly envisaged as the currency pair is breaking up the resistance level of $1.24, the next upward target will be $1.25, and $1.26. Should the resistance level of $1.24 is defended by the bears, the price may decline targeting the support levels of $1.23, $1.22 and $1.20. The relative strength index period 14 is at 41 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 sellers could not break down the support level of $1.22. Buyers prevailed over the sellers last week and the price increase to test the resistance level of $1.25. GBPUSD price pulled back. At the moment, bulls are increasing their pressure.

The price remains above the 21 periods EMA and the 9 periods EMA with the two EMAs close to each other. The Relative strength index period 14 is at 55 levels with the signal line pointing up which indicate buy.



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