PRESS RELEASE: GBPUSD Broke Down $1.28 Price Levels, Targeting $1.26

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May 17, 2019
PRESS RELEASE: GBPUSD Broke Down $1.28 Price Levels, Targeting $1.26
May 17, 2019

GBPUSD Price Analysis – May 16

Today’s daily candle is bearish which indicates that the Bears are still in charge of the market. Should the Bears increase their pressure, GBPUSD price may likely reach $1.26 level. In case the Bears defend the $1.6 demand level, the price may bounce and may change the trend.

GBPUSD Market

Key levels:

Supply levels: $1.28, $1.29, $1.31

Demand levels: $1.26, $1.25, $1.23

GBPUSD Long-term trend: Bearish

On the long-term outlook, GBPUSD is bearish. The Bears increased their pressure and the $1.29 demand level was penetrated. The bearish pressure increased further and the price declined towards the $1.28 level. The former demand level of $1.28 could not hold and the bears broke down the level. GBPUSD price is currently exposed to the demand level of $1.26. Today’s daily candle is bearish which indicates that the Bears are still in charge of the market.

GBPUSD Daily chart, May 16

The 21 periods EMA and the 50 periods EMA are above the currency pair; that means GBPUSD is trading below the two EMAs. The Stochastic Oscillator period 14 is below 25 levels with the signal lines point down which connotes further decrease in GBPUSD price. Should the Bears increase their pressure, GBPUSD price may likely reach $1.26 level. In case the Bears defend the $1.6 demand level, the price may bounce and may change the trend.

GBPUSD Medium-term Trend: Bearish

On the medium-term outlook, GBPUSD is bearish. The Bears hold tight to the GBPUSD market by the formation of more bearish candles and the price rolled down the market towards $1.28 level. The bearish pressure broke down the mentioned level, the price is currently moving towards $1.26 level

GBPUSD 4-hour chart, May 16

The currency pair is trading below the 21 periods EMA and 50 periods EMA with the two EMAs bending towards the south as a bearish sign. The Stochastic Oscillator period 14 is below 25 and the signal lines bending down to indicate strong sell signal and reduction in price.

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