GBPUSD Price Breaks Up $1.35 Resistance Level, $1.37 Level May Be Reached

GBPUSD Price Analysis – December 17

Should the bulls are able to break up the key resistance level of $1.35, then, $1.37 level will be tested and it may extend to the $1.39. On the south side of the price, the support levels can be found at $1.34, $1.32, and $1.31.

Key levels:

Supply levels: $1.35, $1.37, $1.39
Demand levels: $1.34, $1.32, $1.31

GBPUSD Long-term Trend: Bullish

GBPUSD is bullish in the daily chart. The currency pair was on the ranging mode for over ten days dangling within the resistance level of $1.34 and support level of $1.32. The bears initially gained more pressure and there was a breakout at the $1.32 level on December 11 and the price tested the support level of $1.31. The bulls opposed the bearish breakout and pushed the price above the ranging mode; there was another bullish breakout at $1.34.

Today, the price increases and currently testing the resistance level of $1.35. GBPUSD is trading above the 9 periods EMA and 21 periods EMA at a distance which indicates strong bullish momentum. Should the bulls are able to break up the key resistance level of $1.35, then, $1.37 level will be tested and it may extend to the $1.39. On the south side of the price, the support levels can be found at $1.34, $1.32, and $1.31.

GBPUSD Medium-term Trend: Bullish

On the 4-hour chart, GBPUSD is under the bulls’ control. The ranging movement that GBPUSD experienced the last two weeks comes to an end on December 15 by the bulls. The price initially deceived the traders by fake breakout at the support level of $1.32 and the support level of $1.31 was tested. The mentioned level holds and the price bounced under the control of the bulls’ pressure. It moves and has a resistance level of $1.34 broken up. At the moment the price is breaking up the $1.35 resistance level.

GBPUSD is trading above the 9 periods EMA and 21 periods EMA which indicates that the pair is under strong bullish pressure. The relative strength index period 14 is pointing up at 70 levels to indicate a buy signal.