Price action in the GBPUSD market has continued to trade below the 1.2749 mark. The mentioned resistance seems to be quite strong, as previous attempts made by bulls to break this mark have continued to fail. As of now, trading indicators are not showing any signs of optimism for buyers as the market continues to head south.
Key Price Levels:
Resistance Levels: 1.2700, 1.2750, and 1.2800
Support Levels: 1.2669, 1.2619, and 1.2569
The GBPUSD Market May Favor Bears Over Bulls in the Meantime
Price activity in the GBPUSD market seems ready to see lower levels. This is because the ongoing session has fallen moderately below the middle limits of the Bollinger Bands. The mentioned part is more like a Moving Average curve, and such activity suggests that prices will downtrend, presenting bearish traders with gains.
Likewise, Stochastic RSI lines have continued to appear depressed as these lines keep falling lower. The leading line of the indicator has reached the 50 mark, while the lagging one is still at the 65 mark. Consequently, this reveals that volatility is moderate and will likely lead to steeper declines in the market.
GBPUSD Bears Are Dominating
Even in the GBPUSD 4-hour market, we can see that bears have stayed consistently in charge since price action rebounded off the Bollinger Band’s middle limit. The ongoing session is happening outside the lowest limit of the Bollinger Bands. The session still appears young, but despite this, bears are leading. The ongoing session is represented by a tiny red candle.
Meanwhile, the Stochastic RSI indicator has sharply fallen deep into the oversold region. Therefore, it appears that bears will likely print more profits towards the 1.2600 mark in subsequent sessions as trading activities continue. Nevertheless, traders should monitor corresponding fundamentals that may affect the market.
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