#GBPUSD Price: Plummets Below $1.18 Level,Downside Pressure Increases(14 JULY 2022)
GBPUSD Price Analysis – July 14
In case the bulls push up Pounds to break up $1.18, then $1.19 and $1.20 levels may be tested. The breakdown of $1.17 level may reduce the price to $1.16 and $1.15 levels.
GBPUSD Market
Key levels:
Resistance levels: $1.18, $1.19, $1.20
Support levels: $1.17, $1.16, $1.15
GBPUSD Long-term trend: Bearish
GBPUSD is bearish on the daily chart. Sellers dominates the Pounds/Dollar market as the pressure increased Two weeks ago. Last week, strong daily bearish candles were produced and the price dropped to $1.19 support level. The bulls could not take over the market as the daily bearish candles are producing and the support level of $1.18 is broken downside.
A bearish market is pronounced in the GBPUSD market as price is trading below the 9 periods EMA and the 21 periods EMA which indicate a strong bearish movement. The relative strength index period 14 is at 30 levels with the signal lines pointing downside to indicate sell signal. In case the bulls push up Pounds to break up $1.18, then $1.19 and $1.20 levels may be tested. The breakdown of $1.17 level may reduce the price to $1.16 and $1.15 levels.
GBPUSD Medium-term Trend: Bearish
GBPUSD is on the bearish movement in the medium-term outlook. The currency pair hitted support level of $1.18. The just mentioned level has been tested two times. The bulls are trying to prevent further price reduction with the formation of more bullish candles. The sellers exerted more pressure and break down the support level $1.18. GBPUSD price is currently testing $1.16 level.
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