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GBPUSD Price May Pull Back Towards $1.40 Before Bearish Trend Continues – Cryptovibes.com – Daily Cryptocurrency and FX News

GBPUSD Price May Pull Back Towards $1.40 Before Bearish Trend Continues – Cryptovibes.com – Daily Cryptocurrency and FX News


GBPUSD Price Analysis – May 13

The price may pull back towards the $1.41 before it continue a bearish trend. Further increase in the Bulls’ momentum may break up the resistance level of $1.40 which may lead the price to $1.41 and $1.42. In case the resistance level at $1.40 holds, GBPUSD price may break down the $1.39 level, it may reduce to $1.38 and $1.37 levels.

GBPUSD Market

Key levels:

Resistance levels: $1.40, $1.41, $1.42

Support levels: $1.39, $1.38, $1.37

 

GBPUSD Long-term trend: Bullish

On the daily chart, GBPUSD is bullish. The currency pair was bullish last week, this is the continuation of the bullish trend that commenced on May 07. GBPUSD increases and the resistance level of $1.41 is tested on May 10. The evening star chart pattern formed at the resistance level of $1.41; this bearish pattern made the price decline towards the support level of $1.39.

GBPUSD Daily chart, May 13

The price is trading above the two EMA, the 9 periods EMA remains above the 21 periods EMA which indicate a bullish momentum. The relative strength index period 14 is at 60 levels with the signal lines pointing towards north to indicate buy signal. The price may pull back towards the $1.41 before it continue a bearish trend. Further increase in the Bulls’ momentum may break up the resistance level of $1.40 which may lead the price to $1.41 and $1.42. In case the resistance level at $1.40 holds, GBPUSD price may break down the $1.39 level, it may reduce to $1.38 and $1.37 levels.

 

GBPUSD Medium-term Trend: Bearish

GBPUSD is on the bearish movement on the medium-term outlook. The price action on the 4-hour chart has formed a triple top chart at the resistance level of $1.40. The first touch was on May 10, the second touch happened on May 11, it pulled back and retested the same level on May 12. The bears’ momentum increases with the formation of strong and big bearish candle. The price decline to test the support level of $1.40. The price is currently pulling back.

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GBPUSD 4–hour chart, May 13

The price is trading below 9 periods EMA and the 21 periods EMA at close range. The relative strength index period 14 is at 50 levels displaying buy signal which may be a pullback.



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