GBPUSD bulls have regained momentum and broke above 1.3650 to 1.3670 area. GBPUSD to continue its bullish pressure further towards 1.3900 significant key area 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.
July 26, 2021, | AtoZ Markets – GBPUSD is currently trading around 1.3795 area and trying to continue further upward. After bouncing from 1.3570 to 1.3600 significant support level, the bulls have regained momentum and pushed the price higher impulsively towards 1.3780 to 1.3800 resistance area. As per the current price action context, the price may face strong resistance around 1.3800 to 1.3780 area in the coming days.
GBPUSD May Continue Its Bullish Pressure as the Bulls Are Still Optimistic
GBPUSD is currently residing near 1.3795 area and trying to push upside. However, the price also found support at the dynamic level of 20 EMA on the intraday chart.
Image: GBPUSD 4 Hour Chart
According to the 4-hour chart, GBPUSD is currently trading around 1.3795 area and may continue further higher. As per the current price action, if the price can break above 1.3780 to 1.3800 area with an impulsive bullish candle, the bulls may continue the bullish pressure towards 1.3880 to 1.3900 area in the process. On the contrary, if the price rejects 1.3800 to 1.3780 area with a bearish candle, the bears may regain momentum and push the price down towards 1.3670 to 1.3650 area in the coming days.
In addition, the dynamic level of 20 EMA is currently residing below the price, which may hold the price as strong support. However, the bears may regain momentum if the price can break below the dynamic level in the days ahead. Moreover, the Stochastic Oscillator lines are currently residing below the overbought level 80 and may have a bearish intersection. It indicates that the bears may regain momentum in the process.
GBPUSD Bears Are Still Residing on the Market
According to the daily chart, GBPUSD may continue further upside, but the overall bias is still bearish. As per the current scenario, if the price can have an impulsive daily bearish candle close below 1.3800 to 1.3780 area, the bears may regain momentum and push the price down towards 1.3670 to 1.3650 area as a first target. The second target will be 1.3600 to 1.3570 area if the price can break below 1.3670 to 1.3650 area in the coming days.
Image: GBPUSD Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing above the price. Along with the Kijun line. So, the dynamic level may work as strong resistance to push the price downside. Besides, the Kijun line may work as a confluence of the dynamic level in the process.
To conclude, as long as the price residing below 1.3800 to 1.3780 psychological resistance area, the bias will remain bearish. An impulsive daily close is needed to identify the definite momentum in the coming days.