GBPUSD Price Analysis – February 13
Further increase in the Bulls’ momentum may push the price to reach the supply level of $1.39 and $1.40, however, the support levels below current price are found at $1.37, $1.35 and $1.32.
Supply levels: $1.38, $1.39, $1.40
Demand levels: $1.37, $1.35, $1.32
GBPUSD Long-term Trend: Bullish
On the long-term outlook, GBPUSD is bullish. The currency pair has been on the bullish trend for more than two weeks. The bullish momentum broke up the $1.32 price level and the price increased to the resistance level of $1.35. The Bullish momentum increased the price to $1.37 level where consolidation is carried out for a week. Follow this scenario was the retracement to $1.35 and the bulls defended the mentioned support level with the formation of the bullish engulfing candle. The price further increases to $1.38 resistance level.
GBPUSD has penetrated the two EMAs upside and the pair is trading above 9 periods EMA and 21 periods EMA as a sign of a strong bullish trend. The price is currently testing the resistance level of $1.38 before market closed. Further increase in the Bulls’ momentum may push the price to reach the supply level of $1.39 and $1.40, however, the support levels below current price are found at $1.37, $1.35 and $1.32.
GBPUSD Medium-term Trend: Bullish
GBPUSD is on the bullish movement in the medium-term outlook. GBPUSD bottomed at the demand level of $1.35 on 04 February and the pair bounced. The Bulls gained enough pressure to push up the price. It rallies towards the north and breaks up the resistance level of $1.37 tested $1.38 level on February 10. It pulled back, increases again to test the $1.38 second time before weekly market closed.
The price is currently trading above the 9 periods EMA and the 21 periods EMA. The Relative strength index period 14 is at 60 levels with the signal line pointing down which indicates sell signal.