gbpusd Technical Analysis: Bearish Bias Prevails Amid Support and Resistance Levels

Monday, 14 October 2024, 06:22

gbpusd remains under a bearish outlook as bears hold their grip, maintaining the price within the daily cloud for a third consecutive day. The cloud top serves as a significant area of resistance, curbing any attempts for upward movement. This technical analysis highlights critical support and resistance levels affecting future price actions.
Fxstreet
gbpusd Technical Analysis: Bearish Bias Prevails Amid Support and Resistance Levels

gbpusd Technical Analysis Overview

The gbpusd pair exhibits a clear bearish bias, as price action continues to be contained within the daily cloud formation. The cloud top acts as a solid resistance level, limiting any immediate bullish upticks.

Current Market Dynamics

  • Bears dominate as they hold the price amid prevailing bearish pressure.
  • The daily cloud serves as a significant area of support and resistance.
  • Traders are advised to monitor the critical resistance levels closely.

Key Support and Resistance Levels

  1. Resistance Level: Daily cloud top
  2. Support Level: Recent lows

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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