The GBPUSD price has been displaying a range-bound movement with several reactions to a demand zone at approximately 1.19200 – 1.19700 and a resistance zone at 1.24000 – 1.24550. The price line is now back at the mentioned demand zone and appears to be showing possible signs of reversing. The RSI is indicating a bullish divergence, and there is a sign of potential ascent on the MACD. However, traders should exercise caution as the red line that is drawn above the price line represents its current bearish trend line. For more certainty, traders may want to wait for the price line to break above the trend line before entering long positions. The GBPUSD price has been displaying a range-bound movement with several reactions to a demand zone at approximately 1.19200 – 1.19700 and a resistance zone at 1.24000 – 1.24550. The price line is now back at the mentioned demand zone and appears to be showing possible signs of reversing. The RSI is indicating a bullish divergence, and there is a sign of potential ascent on the MACD. However, traders should exercise caution as the red line that is drawn above the price line represents its current bearish trend line. For more certainty, traders may want to wait for the price line to break above the trend line before entering long positions.
• There is a resistance level at 1.21370 followed by resistance at 1.22650 and 1.24000
• There is a support level at 1.19200. Below, there is 1.18777 and 1.18200.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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