GBPUSD Price May Decrease Further Provided $1.36 Level Does Not Hold

GBPUSD Price Analysis

Further increase in the bears pressure will decrease the price further to penetrate $1.36 level, the support level of $1.35 may be tested and break down to expose the support levels of $1.34. Above the current price are resistance levels at $1.37, $1.38 and $1.39.

GBPUSD Long-term trend: Bearish

On the daily chart, GBPUSD is bearish. The bears would not let GBPUSD pair go, as bulls are opposing the declination, the bears are still exerting pressure that over power that of the bulls. On July 06, the bulls managed to push the price in to the dynamic resistance level but have no momentum to sustain it before the bears exerted pressure and the price decreases further.

GBPUSD continues trading below the 9 periods EMA and the 21 periods EMA at distance which indicate that bears‘ pressure is increasing. The relative strength index period 14 is at 30 levels with the signal lines pointing down to indicate sell signal. Further increase in the bears’ pressure will decrease the price further to penetrate $1.36 level, the support level of $1.35 may be tested and break down to expose the support levels of $1.34. Above the current price are resistance levels at $1.37, $1.38 and $1.39.

GBPUSD Medium-term Trend: Bearish

GBPUSD is on the bearish movement on the medium-term outlook. It seems the bulls want to take over the GBPUSD market last week when the bulls pushed the price towards the resistance level of $1.39. The bears eventually overpower the bulls. The price returns to the previous low at $1.37 level.

The price is trading below the 9 periods EMA and the 21 periods EMA as an indication of bearish momentum. The relative strength index period 14 is at 30 levels displaying sell signal.