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GBPUSD Price Breaks Up $1.37 Level, Targeting $1.38 – Cryptovibes.com – Daily Cryptocurrency and FX News

GBPUSD Price Breaks Up $1.37 Level, Targeting $1.38 – Cryptovibes.com – Daily Cryptocurrency and FX News


GBPUSD Price Analysis – October 21

Further increase in the bulls’ pressure may push up the price and this may penetrate the resistance level of $1.38 to expose $1.39 and $1.40 price levels. In case the resistance level of $1.38 holds, price may pull back and decrease to the support level of $1.37, $1.36 and $1.35.

GBPUSD Market

Key levels:

Resistance levels: $1.38, $1.39, $1.40

Support levels: $1.37, $1.36, $1.35

 

GBPUSD Long-term trend: Bullish

GBPUSD is bullish on the daily chart. The currency pair has been under the bullish control since September 30. The pair found support at $1.34 two weeks ago. A bullish movement was triggered after the formation of daily bullish candles. The bulls pushed up the price and $1.37 level was broken upside. The bullish pressure is extending to $1.38, if it is penetrated and the price may test the resistance level of $1.39.

GBPUSD Daily chart, October 21

GBPUSD is currently pulling back as the daily bearish candle opens the market today. The currency pair retain its trading above the 9 periods EMA and the 21 periods EMA at distance which indicate a strong bullish market.  The relative strength index period 14 is at 60 levels with the signal lines pointing upside to indicate buy signal. Further increase in the bulls’ pressure may push up the price and this may penetrate the resistance level of $1.38 to expose $1.39 and $1.40 price levels. In case the resistance level of $1.38 holds, the price may pull back and decrease to the support level of $1.37, $1.36 and $1.35.

GBPUSD Medium-term Trend: Bullish

GBPUSD is on the bullish movement in the medium-term outlook. The bulls were able to break up resistance level of $1.37 after price consolidation at $1.35 level last two weeks. On October 20, a daily bullish candle emerged that broke up the $1.35 level. The price is currently exposing to the $1.38 level.

GBPUSD 4-hour chart, October 21

The price is trading above the 9 periods EMA and the 21 periods EMA as an indication of bullish market. However, the relative strength index period 14 is above 60 levels pointing upside to indicate buy signal.



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