#GBPUSD Price May Continue #Bullish Movement Towards 41.27 Level (09 JUNE 2022)
GBPUSD Price Analysis – June 09
In case the resistance level of $1.25 is defended by the bears, bears may take over and the price may decline towards the support levels of $1.24, $1.23 and $1.22. The next upward movement may break up $1.25 to target the $1.26, and $1.27
Key levels:
Supply levels: $1.25, $1.26, 1.27
Demand levels: $1.24, $1.23, $1.22
GBPUSD Long-term Trend: Bullish
GBPUSD is bullish on the long-term outlook. A bullish chart pattern called “Inverted Head and shoulder” formed on the daily chart. It is a bullish chart pattern and that is why the price commences a bullish movement last two weeks. The currency pair pulled back to retest the support level of $1.24. Bullish trend is restoring as the bulls’ momentum is increasing. Bullish candle is opening the market today which may trigger price increase.
An increase in the price of GBPUSD is highly envisaged as the currency pair is breaking up the resistance level of $1.25. The price is trading between 9 periods EMA and 21 periods EMA to establish a bullish trend. In case the resistance level of $1.25 is defended by the bears, bears may take over and the price may decline towards the support levels of $1.24, $1.23 and $1.22. The next upward movement may break up $1.25 to target the $1.26, and $1.27. The relative strength index period 14 is at 48 levels with the signal lines pointing up to indicate buy signal.
GBPUSD Medium-term Trend: Ranging
GBPUSD is ranging on the medium-term outlook. When the sellers pushed the price to the support level of $1.22. An inverted head and shoulder pattern formed and the price is increasing accordingly. When the buyers break up the resistance level of $1.24, the resistance level of $1.25 holds the price and price consolidation began within $1.26 and $1.25.
The price is trying to push the price above the 21 periods EMA and the 9 periods EMA. The Relative strength index period 14 is at 49 levels with the signal line pointing up which indicate buy.
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