GBPUSD has become volatile, but the bulls are still holding the bullish bias over 1.4130 to 1.4150 psychological level. GBPUSD sustains over 1.4150 support level. Will the price strike higher in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s GBP/USD Technical Analysis.
May 25, 2021, | AtoZ Markets – GBPUSD is currently trading around 1.4175 area and trying to push downside. The bulls have regained momentum after bouncing from the uptrend line on the intraday chart, but failed to sustain the bullish pressure over 1.4200 to 1.4230 event area. As per the current price action context, the price may face strong support at the Bollinger Bands middle on the intraday chart in the coming days.
GBPUSD Sustains Over as the Bulls Are Still Optimistic
GBPUSD is currently residing near 1.4175 area and trying to push lower. However, the price has faced resistance at the Bollinger Bands upper band on the 4-hour chart.
Image: GBPUSD 4 Hour Chart
According to the 4-hour chart, GBPUSD sustains over and currently trading around 1.4175 area. As per the current scenario, the price may decline towards 1.4150 to 1.4130 area in the process. So, if the price declines towards 1.4150 to 1.4130 support level and bounced upside with an impulsive bullish candle, the price may recover higher towards 1.4200 to 1.4230 area again in the days ahead. On the contrary, if the price can break below 1.4150 to 1.4130 support area with an impulsive bearish candle, the bears may regain momentum and push the price downward towards 1.4020 to 1.4000 area in the coming days.
In addition, the dynamic level of 20 EMA is currently residing below the price. Along with the Bollinger Bands middle band. So, the dynamic level may carry the price as strong support in the days ahead. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the process.
GBPUSD May Recover Upside
According to the daily chart, GBPUSD sustains over as the bulls are still residing on the market. As per the current price action, if the price bounced higher from 1.4130 to 1.4150 area and had a daily bullish candle close above 1.4200 to 1.4230 resistance area, the bulls may push the price higher towards 1.4280 to 1.4300 area in the coming days. Alternatively, if the breaks below 1.4150 to 1.4130 area with an impulsive daily bearish candle, the bears may regain momentum and push the price down towards 1.4020 to 1.4000 area in the days ahead.
Image: GBPUSD Daily Chart
Also, the dynamic level of 20 EMA is currently residing below the price. So, it may work as strong support to push the price upward. Along with this, the Stochastic Oscillator lines are currently residing below the overbought level 80 and gradually sloping downward. It indicates that the bears may regain momentum in the process.
To conclude, as long as the price residing over the dynamic level on the daily chart, the bias will remain bullish. An impulsive daily breakout will help to identify the definite momentum in the coming days.