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GBPUSD Price Approaches a Potential Bullish Reversal Level – Cryptovibes.com – Daily Cryptocurrency and FX News

GBPUSD Price Approaches a Potential Bullish Reversal Level – Cryptovibes.com – Daily Cryptocurrency and FX News


GBPUSD Price Analysis – August 20

GBPUSD price may decrease further and push the price to $1.35 level, below the support level of $1.35 are $1.34 and $1.33 support levels. In case the bears were able to defend the support level of $1.35, GBPUSD may reverse towards the resistance levels of $1.36, $1.37 and $1.38.

GBPUSD Market

Key levels:

Resistance levels: $1.36, $1.37, $1.38

Support levels: $1.35, $1.34, $1.33

 

GBPUSD Long-term trend: Bearish

GBPUSD is bearish on the daily chart. The currency pair followed the last week prediction; bears were able to penetrate the support level of $1.38 successfully. It pulled back when it reaches the support level of $1.37. The price continue to decrease under the pressure of the sellers; strong daily bearish candle formed and penetrates the former support level of $1.37 and $1.36 downside. It is currently moving towards the $1.35 level.

GBPUSD daily chart, August 20

GBPUSD continue its trading below the 9 periods EMA and the 21 periods EMA which indicate that bears’ pressure is increasing. The relative strength index period 14 is below 40 levels with the signal lines pointing down to indicate sell signal. GBPUSD price may decrease further and push the price to $1.35 level, below the support level of $1.35 are $1.34 and $1.33 support levels. In case the bears were able to defend the support level of $1.35, GBPUSD may reverse towards the resistance levels of $1.36, $1.37 and $1.38.

GBPUSD Medium-term Trend: Bearish

GBPUSD is on the bearish movement on the medium-term outlook. After the interruption of the bullish movement at the resistance level of $1.40, the bears continue to exert more pressure. The price continue to decline towards previous low of July 20 at $1.35 level, after penetrating the $1.37 and $1.36 levels downside.

GBPUSD 4 hour chart, August 20

The price is trading below the 9 periods EMA and the 21 periods EMA as an indication of bearish market. The relative strength index period 14 is at oversold (20 levels) pointing up to indicate buy.



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