GBPUSD Price Tests $1.30 Support Level, Potential Bullish Reversal Level

Potential bullish reversal level. At the time of writing, GBPUSD is testing support at $1.2965 with a bullish divergence on the daily chart, suggesting that price may reverse to the upside and reach $1.30 in the near future.(Risk: Low).

The “gbpusd” is testing a support level of $1.30. If the price breaks above this level, there is potential for a bullish reversal.

GBPUSD Price Analysis for the 10th of March

Further bullish pressure might break up the $1.31 barrier level, causing the price to rise towards the $1.32 and $1.33 resistance levels. The support levels at $1.30, $1.29, and $1.28 are all below the current price.

GBPUSD Exchange Rates

Levels of importance:

$1.31, $1.32, $1.33 are the resistance levels.

$1.30, $1.29, $1.28 are the support levels.

 

Long-term trend for GBPUSD is bearish.

On the daily chart, the GBPUSD is negative. The currency pair has been in a range for the last two weeks. With the creation of powerful bearish daily candles, the bears defeated the bulls by breaking below the support levels of $1.34 and $1.33. GBPUSD continues to fall, testing the December low of $1.31 as a support level. On March 07, a further price drop occurred, and $1.30 was tested.

GBPUSD Daily Chart for the 10th of March

GBPUSD is currently trading below the 9 periods EMA and the 21 periods EMA at distance which indicate a bearish market.  The relative strength index period 14 is at 34 levels with the signal lines pointing upside to indicate buy signal. Further bullish pressure might break up the $1.31 barrier level, causing the price to rise towards the $1.32 and $1.33 resistance levels. The support levels at $1.30, $1.29, and $1.28 are all below the current price.

Bullish GBPUSD Medium-Term Trend

In the medium term, the GBPUSD is moving in a positive direction. The negative trend began on February 21, when bulls drove the price higher and targeted the $1.35 barrier level. A bearish engulfing candle emerged once the indicated level was held. On the 4-hour chart, this is what started a downturn. On March 7, the price found support around $1.31. The price is bouncing higher, signaling the start of a bullish trend.

March 10th, GBPUSD 4-hour chart

The price is trading above the 9-period and 21-period exponential moving averages, indicating a bullish market. Period 14 of the relative strength index is at 46 levels, indicating a buy signal.