GBPUSD Price Is Targeting $1.38 Resistance Level

GBPUSD Price Analysis – January 01

Should the bulls are able to push up the price to a key resistance level of   $1.38, then, $1.40 level may be tested and it may reach the high of $1.42. In case the $1.38 hold, it may reverse and face 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

GBPUSD is bullish in the daily chart. GBPUSD found support at $1.26 level on September 23. The bulls entered the market with pressure and the price bullishly reverse. November 03 happen to be the beginning of celebration for the bulls when their momentum increases and the confluence at $1.30 was broken upside. The resistance levels of $1.32 and $1.35 could not hold the price. The price is already exposed to the resistance level at $1.38.

GBPUSD daily chart, January 01

The price increases and currently facing the resistance level of $1.38. 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 push up the price to a key resistance level of   $1.38, then, $1.40 level may be tested and it may reach the high of $1.42. In case the $1.38 hold, it may reverse and face support levels at $1.35, $1.32 and $1.30.

 GBPUSD Medium-term Trend: Bullish

On the 4-hour chart, GBPUSD is under the bulls’ control. GBPUSD is steadily increasing in the 4-hour chart. The price action has formed an ascending channel and the price is increasing within the channel. The price has broken up the resistance level of $1.35 on December 30. Bullish trend may continue as long as the bears refuses to interfere the bullish trend.

GBPUSD 4 hour chart, January 01

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.