GBPUSD Price Breaks Up $1.35 Resistance Level, Targeting $1.38

GBPUSD Price Analysis – January 14

In case the bulls push the price to $1.38 level and it breaks it up, the key resistance level of $1.40 and $1.42 may be tested. Should the resistance level of $1.38 hold, the price may find support levels at $1.35, $1.32, and $1.30.

Key levels:

Supply levels: $1.38, $1.40, $1.42

Demand levels: $1.35, $1.32, $1.30

 

GBPUSD Long-term Trend: Bullish

On the daily chart, GBPUSD is bullish.  The currency pair has been making higher highs and higher lows since October last year; this is a bullish trend price action. Also, the price action has formed an ascending channel and the pair has been trending higher within the channel.  Last week, the pair closed below the resistance level of $1.35. On January 12, the bulls pushed up the price to break up the resistance level of $1.35 and the daily candle closes above the level. The retest was carried out on January 13.

GBPUSD daily chart, January 14

Today, the bulls take over and the price continues its bullish trend. The price is targeting the resistance level of $1.38 at the moment. GBPUSD is trading above the 9 periods EMA and 21 periods EMA at a distance range which indicates an increase in the bullish momentum. In case the bulls push the price to $1.38 level and it breaks it up, the key resistance level of $1.40 and $1.42 may be tested. Should the resistance level of $1.38 hold, the price may find support levels at $1.35, $1.32, and $1.30.

 GBPUSD Medium-term Trend: Bullish

On the 4-hour chart, the bulls still hold the market. The bulls’ pressure was weak last week and could not break up the former resistance level of $1.35. This  week, the bulls’ momentum increases and the former resistance level of $1.35 turns to support level.  The price is heading towards the resistance level of $1.38.

GBPUSD 4 hour chart, January 14

GBPUSD is trading above the 9 periods EMA and 21 periods EMA which indicates that the bulls are still in control of the GBPUSD market. The relative strength index period 14 is pointing up at 60 levels to indicate buy signal.