Can GBPUSD Bears Push the Price Lower Towards 1.20 Again?

GBPUSD recent Bullish pressure has been quite non-volatile and impulsive after bounced from 1.1460 area. Currently, the price found resistance at 1.2480 area and continuing to decline. Can GBPUSD Bears Push the Price Lower Towards 1.20 Again? What are the charts and technical indicators saying? Read more to find further insights into today’s GBPUSD Technical Analysis.

April 3, 2020 | AtoZ Markets - GBPUSD became volatile after reaching 1.2480 area, which brought in bears to dominate the market again. GBPUSD is currently trading around 1.2280 area while the price is trying to decline. As per current price action, GBPUSD is quite impulsive and broke below the dynamic level, which may lead to further downward pressure in the coming days.

GBP rose during the New York session yesterday after the U.S. Unemployment Claims reports came worse than predicted. As the Coronavirus epidemic is damaging the U.S. economy, people are currently losing their job while many companies are shutting down. Moreover, it is still indecisive how long this lockdown will sustain as the death toll is increasing gradually. Besides, the U.S. Unemployment Rate and NFP report is going to publish today. So, if the report comes according to the prediction, the USD may lose significant momentum.

On the other hand, millions of British citizens came out to the balconies, windows and doorsteps to praise the National Health Service's efforts to prevent the COVID-19, and Prime Minister Boris Johnson was among the cheerers. Besides, the Coronavirus death toll in the UK has risen to 3000, and this number is increasing daily.

GBPUSD Bears to Push the Price Lower Again?

GBPUSD is currently residing near 1.2280 area after breaking the dynamic level. The bears are quite strong with the current GBPUSD bearish momentum, which may continue further in the coming days.
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Can GBPUSD Current Bearish Momentum Sustain Further?

Image: GBPUSD 4 Hour Chart

According to the 4-hour chart, GBPUSD is currently trading around 1.2280 area after the price found resistance at 1.2480. As per the current price action, if the price remains below the dynamic level, the bears may continue the bearish pressure towards 1.1960 area in the process.

Furthermore, the MACD lines are residing above 0.00 level from an extended period may maintain further there. So, if the MACD lines are breaks below the 0.00 level, the bearish pressure may become more sustainable to push lower.

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GBPUSD Completed 50% Retracement Already?

According to the Daily chart, GBPUSD bullish momentum hold after reaching 1.2480 area. After the price bounced from 1.1460 area, GBPUSD became quite impulsive, and bulls achieved nearly 1000 pips. As per the current price action context, the bears may now regain momentum and push the price lower. So, if the price breaks below the dynamic levels with a daily close, the bearish pressure may sustain lower towards 1.1460 area. It should be noted, the nearest level 1.1960 is quite strong, which may hold the price as support as well.

Image: GBPUSD Daily Chart

Furthermore, the dynamic level of 20 EMA is residing near the current price, along with the Kijun line. The dynamic level may work as a strong resistance, if the price breaks below it. Moreover, the MACD lines are residing below the 0.00 level, which indicates Bears are still in control to dominate the market.

To conclude, GBPUSD has been volatile and indecisive this week. As per the current scenario, Bears have a greater probability to continue pushing the price lower, while Bulls struggle while the price remains below 1.25 area.

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