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GBPUSD Price Retests $1.40 Level, Sellers May Take Over – Cryptovibes.com – Daily Cryptocurrency and FX News

GBPUSD Price Retests $1.40 Level, Sellers May Take Over – Cryptovibes.com – Daily Cryptocurrency and FX News


GBPUSD Price Analysis – May 08

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 is defended by the bears, GBPUSD price may decrease towards the $1.39, $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. On April 30, GBPUSD pulled back to retest the support level of $1.37. Buyers reacted against further price decrease with the formation of strong daily bullish candle.  The price bounces off the support level of $1.37 and the price increases. It broke up the resistance level of $1.39 and the resistance level of $1.40 is tested.

GBPUSD Daily chart, May 08

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. 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 is defended by the bears, GBPUSD price may decrease towards the $1.39, $1.38 and $1.37 levels.

 

GBPUSD Medium-term Trend: Bullish

GBPUSD is on the bullish movement on the medium-term outlook. At the initial stage or trading last week, the price was bearish, later the bears lose momentum and could not push down the price further. The bulls equally could not push up the price, the price began to consolidate at $1.39 price level. On May 07, the bulls gained more pressure and the price soared to test the resistance level of $1.40.

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GBPUSD 4-hour chart, May 08

The price is trading above 9 periods EMA and the 21 periods EMA at distance. The relative strength index period 14 is at 70 levels displaying buy signal.

 

 

 

 

 



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