#GBPUSD Price Approaches a Potential bullish Reversal Zone (30 June 2022)
GBPUSD Price Analysis – June 30
The breakdown of $1.21 level may reduce the price to $1.20 and $1.19 levels. In case the bulls defend the support level of $1.21 price may reverse and face the resistance level of $1.22, $1.23 and $1.24.
GBPUSD Market
Key levels:
Resistance levels: $1.22, $1.23, $1.24
Support levels: $1.21, $1.20, $1.19
GBPUSD Long-term trend: Bearish
GBPUSD is bearish on the daily chart. The sellers dominates the Pounds/Dollar market for more than two weeks. The bearish movement pushed the price to test the support level of $1.19 on 14 June. A bullish engulfing candle formed at the mentioned level, the price increased, and tested the resistance level of $1.26. The price reversed and declining at the moment.
GBPUSD is trading below the 9 periods EMA and the 21 periods EMA which indicate a bearish market. The relative strength index period 14 is at 38 levels with the signal lines pointing upside to indicate buy signal. The breakdown of $1.21 level may reduce the price to $1.20 and $1.19 levels. In case the bulls defend the support level of $1.21 price may reverse and face the resistance level of $1.22, $1.23 and $1.24.
GBPUSD Medium-term Trend: Bearish
GBPUSD is on the bearish movement in the medium-term outlook. The currency pair was ranging within the resistance level of $1.22 and $1.21 levels last week. The bears’ momentum increases and pushed the price to the low of $21 levels. It seems the sellers’ pressure is increasing towards the support level of $1.19.
Today, the bulls are dominating the market and the price is trading slightly below the 9 periods EMA and the 21 periods EMA as an indication of bullish market. However, the relative strength index period 14 is at 36 levels pointing upside to indicate buy signal.
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