It seems a bit of a drag for price activity in the GBPUSD market to progress further above the 1.2690 threshold. Although the market is quite close to hitting the 1.2700 mark, it seems to lack the momentum to hit the target. What can be expected of this pair?
Key Price Levels:
Resistance Levels: 1.2700, 1.2800, and 1.2900
Support Levels: 1.2697, 1.2600, and 1.2500
GBPUSD Price Activity Is Favorably Positioned But Lacks Momentum
The GBPUSD market has delivered some impressive performance, as it was able to sustain above the 1.2650 mark. Not only that, but it has even closed in on the 1.2700 mark. Nevertheless, it appears that the ongoing session has been a tug-of-war between bears and bulls. Examining the Guppy Multiple Moving Average curves, we can see that the indicator lines aren’t crossing over.
Consequently, this somewhat reveals the reason why price action lacks the needed momentum to climb further upward. Likewise, the lines of the Moving Average Convergence Divergence (MACD) indicator are still above the equilibrium level but aren’t giving that much of an upside impetus as of now.
The GBPUSD Market Rebounds Upwards Despite Shaping for a Bearish Course
While the current price of the GBPUSD pair remains above most of the GMMA lines, it cannot be ignored that the market is warming up for a bearish path. The red price candle for the ongoing session seems to have grown bigger, suggesting that downward forces have become stronger in the market compared to the previous session. In this 4-hour market, it can be seen that the GMMA line has delivered a crossover below the price action, but this has failed to deliver much bullish momentum to the market. Nevertheless, the MACD indicator lines are managing to retain their upward trajectory.
A close examination of the price action in this market reveals that the market appears choppy. This further strengthens the claim that prices may bounce upwards since the market is choppy. However, care must be taken concerning any bullish position towards the 1.2750 mark.
Do you want to take your trading to the next level? Join the best platform for that here.