#GBPUSD Price: Bulls Are Taken Over Market (28 JULY 2022)
GBPUSD Price Analysis – July 28
Further increase in the price of GBPUSD is highly envisaged as the currency pair is breaking up the resistance level of $1.22, the next upward target will be $1.23, and $1.24. Should the resistance level of $1.22 is defended by the bears, the price may decline to target the support levels of $1.20, $1.19 and $1.18.
Key levels:
Supply levels: $1.22, 1.23, $1.24
Demand levels: $1.20, $1.19, $1.18
GBPUSD Long-term Trend: Bullish
On the long-term outlook, GBPUSD is bullish. Last week, the currency pair found support at the $1.18 level as sellers continue to hold unto the GBPUSD market. The demand level of $1.18 hold the price, and this made the price pulled back to retest the resistance level of $1.19. The bulls tried to gain more pressure and push the price to break up the resistance levels of $1.19 and $1.20 with formation of big daily bullish candle. Pounds-Dollar is trying to break up $1.22 level.
The 9 periods EMA is above the 21 periods and the price is trading above the two EMAs which indicate an increase in the bulls’ momentum. Further increase in the price of GBPUSD is highly envisaged as the currency pair is breaking up the resistance level of $1.22, the next upward target will be $1.23, and $1.24. Should the resistance level of $1.22 is defended by the bears, the price may decline to target the support levels of $1.20, $1.19 and $1.18. The relative strength index period 14 is at 56 levels with the signal lines pointing up to indicate buy signal.
GBPUSD Medium-term Trend: Bullish
GBPUSD is bullish on the medium-term outlook. The sellers could not break down the support level of $1.18. Buyers prevailed over the sellers last week and the price increase to test the resistance level of $1.20. GBPUSD price pulled back. At the moment, bulls are increasing their pressure.
The price remains above the 21 periods EMA and the 9 periods EMA with the two EMAs separate from each other. The Relative strength index period 14 is at 68 levels with the signal line pointing up which indicate buy.
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