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GBPUSD Price Continues Bullish Trend After a Pullback – Cryptovibes.com – Daily Cryptocurrency and FX News

GBPUSD Price Continues Bullish Trend After a Pullback – Cryptovibes.com – Daily Cryptocurrency and FX News


GBPUSD Price Analysis – October 28

When there is an increase in the bulls’ pressure, price may push up to penetrate the resistance level of $1.38 and expose $1.39 and $1.40 price levels. Should the resistance level of $1.38 holds, price may reverse 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. On October 20, the price closed above the resistance level of $1.37, which means that the currency pair was under the bullish control of the bulls. The bullish movement was interrupted by the bears with the formation of daily bearish candle, the price pulled back to retest $1.37 price level. The bulls are resuming back to the market and the price may reach $1.39 level.

GBPUSD Daily chart, October 28

GBPUSD is restoring the loss as the daily bullish candle opens the market today. The currency pair is trading above the 9 periods EMA and the 21 periods EMA which indicate a bullish market.  The relative strength index period 14 is at 60 levels with the signal lines pointing upside to indicate buy signal. When there is an increase in the bulls’ pressure, price may push up to penetrate the resistance level of $1.38 and expose $1.39 and $1.40 price levels. Should the resistance level of $1.38 holds, price may reverse 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. Immediately the bulls were able to break up resistance level of $1.37 after price consolidation at $1.35 level. The price increased and tested the resistance level of $1.38 but unable to break it up. It pulled back to retest the support level of $1.37 last week.

GBPUSD 4-hour chart, October 28

Today, the bulls dominate the market and 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 50 levels pointing upside to indicate buy signal.



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