Market Analysis – Buyers Move With Intent to Hit the 189.000 Key Level
GBPJPY bulls are ready to maintain a bullish rally. The currency pair is currently maintaining its bullish rally to head back to the significant level of 189.000. The bulls have been on the run, with a significant outflow of price liquidity. Their present notion shows that they are not willing to back down at this time.
GBPJPY Key Levels
Resistance Levels: 189.000, 183.150
Support Levels: 180.280, 178.010
At the beginning of the year, the bulls embarked on their adventure, pulling in more than 100 pips. However, the bears have exerted strong pressure on the currency pair in the past few months. Before the close of 2022, the sellers suspended the bullish effort, causing a dip from the 189.000 significant zone. The bears intensified their pressure, aiming down toward the 178.010 significant level.
Close to the beginning of the new year, the bulls regained their momentum. Last week, the buyers, with strong liquidity flow, breached the 183.150 price level. After a series of consolidations at this spot, the bullish momentum has resumed. This time, the buying strength is more likely to pull back to the critical level of 189.000.
The Parabolic SAR (Stop and Reverse) indicator shows that the bulls are gaining more attention this week. They remain determined to conquer more key levels. The Relative Strength Index (RSI) suggests that buyers are still in the flow, indicating that the bulls are getting stronger day by day. It is plausible to expect more surges coming through, as the bullish momentum is bound to flood back to the 189.000 significant level.
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