GBPUSD Price Commences Bullish Movement

When the Bulls increase their momentum and break up the dynamic resistance levels, then, $1.38 level will be tested, this may extend to $1.39 and $1.40 price levels. In case the dynamic resistance level prevent further increase in price, GBPUSD price may decrease towards the $1.37, $1.36 and $1.35Tlevels.

Resistance levels: $1.38, $1.39, $1.40

Support levels: $1.37, $1.36, $1.35

GBPUSD is bearish on the daily chart. The bearish momentum experienced last two weeks in the GBPUSD market bottomed the price at the support level of $1.36 on 24 March. The bulls defend the mentioned level with the formation of daily bullish candles. The price increases to break up $1.37 level. At the moment, GBPUSD is trying to penetrate the dynamic resistance levels.

The 21 periods EMA and 9 periods EMA are well separated with the pair trading below the two EMAs at close contact, which indicate a gradual increase in the bulls pressure. The relative strength index period 14 is at 40 levels with the signal lines parallel to the level which indicate low bullish and bearish momentum. When the Bulls increase their momentum and break up the dynamic resistance levels, then, $1.38 level will be tested, this may extend to $1.39 and $1.40 price levels. In case the dynamic resistance level prevent further increase in price, GBPUSD price may decrease towards the $1.37, $1.36 and $1.35Tlevels.

On the medium-term outlook, GBPUSD is on the bullish movement. The currency pair found support at $1.36, the price reverses and increase towards the resistance level of $1.38 after penetrating the $1.37 and the dynamic resistance level. The price retests the broken level of $1.37, the price is gradually increasing.

The price is trading above 9 periods EMA and the 21 periods EMA. The relative strength index period 14 is at 50 levels bending down which connotes sell signal which may be a pullback before bullish trend continues.

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