GBPUSD Price Is Ranging Within $1.34 and $1.32 Levels

GBPUSD Price Analysis – December 11

Should the bears able to break down the confluence at $1.32, then, $1.31 level will be tested and it may extend to the $1.30 support level. The breakup of the $1.34 level will increase the price to $1.35 and $1.36 level.

Key levels:

Supply levels:, $1.34, $1.35, $1.36
Demand levels: $1.32, $1.31, $1.30

GBPUSD Long-term Trend: Bearish

GBPUSD is bearish in the daily chart. The bulls’ momentum is getting weak gradually as we can observe on the daily chart. The bullish momentum pushed the pair to hit the resistance level at $1.34 level on December 03, it seems the bulls are losing their momentum and this prevents the breakup of the level. The price pulled back to retest the support level of $1.32. Throughout last week, the price is ranging between the resistance level of $1.34 and the support level of $1.32.

The price is struggling to break down the two dynamic support levels. The price is trading in between the 9 periods EMA and 21 periods EMA. Should the bears able to break down the confluence at $1.32, then, $1.31 level will be tested and it may extend to the $1.30 support level. The breakup of the $1.34 level will increase the price to $1.35 and $1.36 level.

GBPUSD Medium-term Trend: Ranging

GBPUSD is on the ranging mode in the 4 – hour chart. The price is dangling between the resistance level of $1.34 and the support level of $1.32 for more than five days. The key resistance level of $1.34 is defended by the bears. Likewise, the support level of $1.32 is defended by the bears. The bulls have tested the resistance level of $1.34 twice and the support level of $1.32 is tested three times. Until there is a breakout at the $1.32 level or $1.34 level, ranging movement may continue.

GBPUSD is hovering around the 9 periods EMA and 21 periods EMA which indicates that the pair is trading within a range. The relative strength index period 14 bending up at 40 levels to indicate a buy signal. It is advisable to place a Sell Stop at $1.3261, Profit at $1.3188, and Stop Loss at $1.3315.