#GBPUSD Price: Bearish Breakdown of Key Levels, What Next? (13 MAY 2022)
GBPUSD Price Analysis – May 12
Should the demand level of $1.20 is defended by the bulls the price may be targeting the resistance levels of $1.23, 41.24 and $1.25. The relative strength index period 14 is at 23 levels with the signal lines pointing down to indicate a sell signal.
Key levels:
Supply levels: $1.23, $1.24, 1.25
Demand levels: $1.22, $1.20, $1.17
GBPUSD Long-term Trend: Bearish
GBPUSD is bearish on the long-term outlook. The sellers continue to hold the GBPUSD market. The demand level of $1.23 could not hold the price, in other words, the just mentioned level could not withstand the pressure of the sellers. It was penetrated downside and expose the price to the demand level $1.22 yesterday. Further price declination is envisaged as the bears dominate the market today.
The 9 periods EMA has crossed the 21 periods EMA downside and the price continues its trading below the two EMAs which indicate an increase in the bears’ momentum. Further decrease in the price of GBPUSD is highly envisaged as the currency pair is breaking down the demand level of $1.22, the next downward target will be $1.20, and $1.17. Should the demand level of $1.20 is defended by the bulls the price may be targeting the resistance levels of $1.23, 41.24 and $1.25. The relative strength index period 14 is at 23 levels with the signal lines pointing down to indicate a sell signal.
GBPUSD Medium-term Trend: Bearish
GBPUSD is bearish on the medium-term outlook. The buyers could not prevail over the sellers last week. GBPUSD price continues falling below the demand level of $1.22. An attempt made by the bulls to push up the price failed.
The price remains below the 21 periods EMA and the 9 periods EMA with the two EMAs spanned from each other. The Relative strength index period 14 is at 30 levels with the signal line pointing down which indicates a sell signal.
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