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

On Wednesday, the GBPUSD pair reached a (1.3076) intra-day high and has since seen a continued slide to the lower end of support at (1.2900). Should this move continue for another day, it could indicate that traders are looking toward more bullish price action in coming days with potential resistance levels at $1.32 and $1.33

The “gbpusd” is testing the $1.30 support level, which could be a potential bullish reversal level.

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.