GBPUSD Price Analysis – October 01
The bulls may dominate the GBPUSD market soon, provided the support level at $1.26 holds the price; it will increase and may likely test the $1.28, $1.30, and $1.32 resistance level. Looking downside, support levels may be found at $1.26, $1.25, and $1.23.
Supply levels: $1.30, $1.32, $1.34
Demand levels: $1.28, $1.26, $1.25
GBPUSD Long-term Trend: Bullish
GBPUSD plays out the way it was predicted last week. That is GBPUSD is currently bullish. The bulls take over the market at $1.26 level. The support level of $1.26 holds and the price bounced towards the north. The former resistance level of $1.28 is penetrated upside and the price is increasing towards the resistance level at $1.30.
Today, the bulls flood the market, GBPUSD increases further to break up the dynamic resistance levels, the price initially trading above the two EMAs. Should the bulls able to push the price above the dynamic resistance levels before the closing of the market today, then, it will test the next barrier level at $1.30 in which it may further increase to $1.32 and $1.34 resistance levels. The inability to break up the $1.30 level may result in price reversal towards the support level at $1.28, $1.26, and $1.25.
GBPUSD Medium-term Trend: Bearish
GBPUSD is bullish in the 4-hour chart. The currency pair found support at $1.26 level. It consolidates for a few days before the bulls increase their momentum. The price crossed the $1.28 level upside and increases towards the $1.30 level.
GBPUSD is trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 60 levels with the signal line pointing up sharply to indicate a buy signal. Placing Buy Stop at $1.2948 will be advisable, Take Profit at $1.32090 and Stop loss at $1.2793.