GBPUSD Price Analysis – May 20
In case the price break the resistance level of $1.42, it will increase to $1.43 and$1.44 price level. Failure to break up the $1.42 resistance level, the price may reverse and face the support levels of $1.40, $1.39 and $1.38.
GBPUSD Market
Key levels:
Resistance levels: $1.42, $1.43, $1.44
Support levels: $1.40, $1.39, $1.38
GBPUSD Long-term trend: Bullish
GBPUSD is bullish on the daily chart. The currency pair remains under the control of the buyers; in other words the pair remains bullish. The price pulled back on May 19 to retest the support level at $1.40 level; this scenario occurred when US Dollar was weak in strength. Today, the bulls returns to the market with strong momentum and the price increases towards the previous high.
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 above 60 levels with the signal lines pointing up to indicate buy signal. In case the price break the resistance level of $1.42, it will increase to $1.43 and$1.44 price level. Failure to break up the $1.42 resistance level, the price may reverse and face the support levels of $1.40, $1.39 and $1.38.
GBPUSD Medium-term Trend: Bullish
GBPUSD is on the bullish movement on the medium-term outlook. The price was bearish last week, the bearish force pushed the price to the support level at $1.40, and it consolidates for short period. The bulls prevents further price decrease with the formation of strong bullish candles that pushes the price towards $1.42 price level.
The price is trading above 9 periods EMA and the 21 periods EMA at distance. The relative strength index period 14 is at 60 levels displaying strong buy signal.
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