GBPUSD Price: Resistance Level at $1.32 Is Penetrated Upside, Further Increase Envisaged

GBPUSD Price Analysis – November 27

GBPUSD is currently exposed to the resistance level of $1.34, and the level may be tested. Further increase in the bulls’ momentum may penetrate the level and $1.35; $.36 level may be reached. Below the current price, level is the support levels of $1.32, $1.31, and $1.30.

Key levels:

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

GBPUSD Long-term Trend: Bullish

Buyers would not let the GBPUSD go, that means GBPUSD is bullish in the daily chart. The currency pair increases steadily from the support level of $1.31, breaks up the resistance level of $1.31 and $1.32. Though the bullish momentum is not strong, but the price is slowly and consistently increasing towards the resistance level of $1.34. The price is targeting the mentioned level.

Today, the bullish candle has emerged at the opening of the market which signals to the traders that the pair may continue in its bullish direction. GBPUSD continues trading above the 9 periods EMA and 21 periods EMA which connotes an increase in the bulls’ pressure. GBPUSD is currently exposed to the resistance level of $1.34, and the level may be tested. Further increase in the bulls’ momentum may penetrate the level and $1.35; $.36 level may be reached. Below the current price level is the support levels of $1.32, $1.31, and $1.30.

GBPUSD Medium-term Trend: Bullish

The bulls dominate the GBPUSD markets. The price action has formed an ascending channel in the 4-hour chart. The price has penetrated the former resistance level of $1.32 and the price is exposed to $1.34. GBPUSD may test the resistance level of $1.34 in case the bears do not interrupt the bullish movement.

GBPUSD is trading above the 9 periods EMA and 21 periods EMA at a close range which indicates low momentum in the GBPUSD market. The relative strength index period 14 bending up at 60 levels to indicate a buy signal. It is advisable to place a Buy Stop at $1.34032, Profit at $1.3480, and Stop Loss at $1.3326.