Yesterday trading activities in the GBP/USD market ended in the favor of the bears. But today, the bulls seem to have picked up from yesterday’s defeat and have pushed the price above the 1.2050 mark. Nevertheless, downward forces are still active in this market, which gives this market a choppy characteristic.
Important Price Marks:
Resistance: 1.2072, 1.2095, 1.2120
Support: 1.2050, 1.2020, 1.1990
GBP/USD Recovers Some of Its Previous Session Losses
In the GBP/USD market, yesterday’s price eventually fell close to the 1.2042 price mark. However, the bulls appear to still be in the fight, as they scooped up the price in the following session (today). But apparently, there are still some losses to recover. Going by technical indicators, we can anticipate that these losses may be recovered. Price candles are above the lagging set of the GMMA indicator curves, while the leading set cuts through the recent price candles. Also, the RSI indicator curves are rising upward to extend yesterday’s crossover. Furthermore, the MACD indicator continues to reveal that bulls are losing strength in the meantime. Therefore, traders may witness the pair’s price rise further upwards in this session.
Technical Indicators Stay Positive as GBP/USD Remains Choppy
Looking at the GBP/USD 4-hour market, one can notice the fluctuations in price from the daily to the hourly market charts. We can see that the price has quickly changed from 1.20722 to 1.20708, which shows that the price is unstable. Yet, the last price candlestick has risen past the majority of the GMMA curve, with just two of these curves above the current price level. Also, technical indicators are still revealing that the upward forces are still in the fight. The curves of the RSI are still rising, with the faster one reaching the 51.74 level. Furthermore, the Moving Average Convergence Divergence curve is now moving upwards to indicate the activity of upside forces. However, with a close examination of the MACD, we can see that the upside forces seem not to be strong enough. Therefore, traders can predict that the price may reclaim the 1.2100 level, however, this should be done with caution to avoid getting chopped!
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