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GBP/USD Stays Above Moving Averages as Price Commences Bullish Movement

Published on

April 29, 2021

GBP/USD Price Analysis – April 27

GBP/USD is seen trading above the 9-day and 21-day moving averages. An increase in the bulls’ momentum to break up the resistance level of $1.40 may expose the currency pair to further bullish movement.

GBP/USD Long-term Trend: Ranging (Daily Chart)

Key levels:
Resistance Levels: $1.405, $1.410, $1.415
Support Levels: $1.375, $1.370, $1.365

GBPUSD is trading sideways within the channel on the daily chart. In the last couple of days, the bullish momentum experienced in the market helps the currency to touch keep upward movement. The bulls defend the $1.385 support level with the formation of daily bullish candles. The price increases to break up the $1.39 level. Meanwhile, GBPUSD is trying to penetrate the dynamic resistance levels at the time of writing this article.

Where is GBP/USD Price Going Next?

The daily chart shows that the 9-day and 21-day moving averages are well separated with the pair trading above the two MAs at close contact, indicating a gradual increase in the bulls’ pressure. However, the technical indicator RSI (14) is above the 54-level with the signal line parallel to the level, indicating low bullish and bearish momentum.

Therefore, when the bulls increase their momentum and break up the dynamic resistance levels, then, $1.400 level will be tested; this may extend to $1.405, $1.410, and $1.415 resistance levels. However, in case the resistance level of $1.390 holds, the price may bounce off the level and consolidate for a short period of time. But should in case the dynamic resistance level prevents further increase in price, GBPUSD price may decrease towards the $1.375, $1.370, and $1.365 support levels.

GBP/USD Medium-term Trend: Bullish (4H Chart)

Looking at the 4-hour chart, it is revealed that GBP/USD is in the bullish movement. However, the currency pair finds support at $1.390; the price reverses and increases towards the resistance level of $1.395 after penetrating the $1.370 and the dynamic resistance level. The price retests the broken level of $1.388, the price is gradually increasing.

Furthermore, the market price is hovering above the 9-day and 21-day moving averages and the technical indicator RSI (14) is at 55-level bending down which connotes a sell signal which may be a pullback before the bullish trend continues.

Lydian
Last Updated : April 29, 2021

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