GBPUSD Price Analysis – April 10
There is a tendency that the currency pair will breakout at the upper trend line of the triangle and the currency pair may have $1.32 – $1.33 as its target. Alternatively, in case the currency pair breakout at the lower trend line of the triangle, GBPUSD may have $1.29 – $1.28 as its target.
Supply levels: $1.32, $1.33, $1.35
Demand levels: $1.29, $1.28, $1.26
GBPUSD Long-term trend: Ranging
GBPUSD is on the sideways movement on the daily chart. GBPUSD started sideways movement on March 27 when the bullish trend was rejected by the Bears. The currency pair fell from the supply level of $1.33 to the $1.32 price level and the bearish pressure pushed down the pair to place the GBPUSD around the demand level of $1.29. Since then, the currency pair has been range- bound within the supply level of $1.32 and the demand level of $1.29. This sideways movement led to the formation of a symmetrical triangle on the chart last week. GBPUSD has not breakout from the symmetrical triangle.
GBPUSD Daily chart, April 10
GBPUSD is moving up and down on the 21periods EMA and 50 periods EMA and the two EMAs are within the symmetrical triangle formed. The Stochastic Oscillator is above 20 levels and its signal lines are pointing upside. There is a tendency that the currency pair will breakout at the upper trend line of the triangle and the currency pair may have $1.32 – $1.33 as its target. Alternatively, in case the currency pair breakout at the lower trend line of the triangle, GBPUSD may have $1.29 – $1.28 as its target.
GBPUSD Medium-term Trend: Ranging
GBPUSD is on the ranging movement on the 4-hour chart. The Currency pair has not breakout of the symmetrical triangle formed last week but rather trading within the triangle expecting a bullish or bearish breakout.
GBPUSD 4-hour chart, April 19
The stochastic Oscillator period 14 is at 60 levels with the signal lines pointing to the north to indicate buy signal.
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