GBPUSD Price Analysis – January 28
Should the resistance level of $1.36 hold, the price will reverse and continue on the bearish trend, the support level to watch out are $1.35, $1.32, and $1.30. In case the resistance level of $1.36 does not hold, the price may test the $1.38 and $1.40 price level.
Key levels:
Supply levels: $1.36, $1.38, $1.40
Demand levels: $1.35, $1.32, $1.30
GBPUSD Long-term Trend: Bullish
GBPUSD is bullish last week; this is clearly displayed on the daily chart. The pair started bullish trend since October. The bullish momentum pushed the price to the $1.35 resistance level. A strong bearish engulfing candle appeared as a bearish reversal signal; GBPUSD price decreased to the support level at $1.32. On December 23, a bullish reversal signal formed called bullish engulfing candle and the price increases targeting the resistance level of $1.38.
The price has penetrated the 9 periods EMA and 21 periods EMA and the price is on the mentioned dynamic resistance levels. Should the resistance level of $1.36 hold, the price will reverse and continue on the bearish trend, the support level to watch out are $1.35, $1.32, and $1.30. In case the resistance level of $1.36 does not hold, the price may test the $1.38 and $1.40 price level. Meanwhile, the relative strength indicator period 14 is pointing towards the south as a symbol of the bearish movement.
GBPUSD Medium-term Trend: Bullish
GBPUSD is bullish in the 4-hour chart. The currency pair reached a high of $1.36 last weeks, the level holds the price and it consolidates for a few days. The buyers gained momentum and push up the price towards the resistance level at $1.38. It looks like the momentum of the bulls is getting weak; the price is turning below the two dynamic resistance levels.
The price is struggling to break up the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is below 50 levels with the signal line pointing down to indicate a sell signal.
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