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GBPUSD Price May Continue a Bearish Trend   – Cryptovibes.com – Daily Cryptocurrency and FX News

GBPUSD Price May Continue a Bearish Trend   – Cryptovibes.com – Daily Cryptocurrency and FX News


GBPUSD Price Analysis – November 04

When there is an increase in the bears’ pressure, price may be pushed down to penetrate the support level of $1.35, then, the support level of $1.34 may be tested. Should the support level of $1.36 hold, price may reverse and increase to the resistance level of $1.37, $1.38 and $1.39.

GBPUSD Market

Key levels:

Resistance levels: $1.37, $1.38, $1.39

Support levels: $1.36, $1.35, $1.34

 

GBPUSD Long-term trend: Bearish

GBPUSD is bearish on the daily chart. The currency pair was on the bullish movement on the daily chart last week. October 29, a bearish engulfing candle formed and the price commenced a bearish movement. The former support levels of $1.37 and $1.36 were penetrated and the support level of $1.35 was tested. The price pullback yesterday.

GBPUSD Daily chart, November 04

Today, bears are resuming in to the GBPUSD market as the daily bearish candle opens the market. The currency pair is trading below the 9 periods EMA and the 21 periods EMA which indicate a bearish market.  The relative strength index period 14 is below 50 levels with the signal lines pointing downside to indicate sell signal. When there is an increase in the bears’ pressure, price may be pushed down to penetrate the support level of $1.35, then, the support level of $1.34 may be tested. Should the support level of $1.36 hold, price may reverse and increase to the resistance level of $1.37, $1.38 and $1.39.

GBPUSD Medium-term Trend: Bearish

GBPUSD is on the bearish movement in the medium-term outlook. The bears gained more pressure at $1.37 resistance level and the price dropped to $1.35 support level on November 02. It seems the bears’ pressure failed and could not break down the $1.35 support level. The price pulled back to retest $1.36 level. At the moment, sellers are gaining more pressure.

GBPUSD 4-hour chart, November 04

Today, the bears are dominating the market and the price is trading below the 9 periods EMA and the 21 periods EMA as an indication of bearish market. However, the relative strength index period 14 is at 40 levels pointing downside to indicate sell signal.



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