gbpusd Technical Analysis: Bearish Bias Prevails Amid Support and Resistance Levels
Monday, 14 October 2024, 06:22
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
- Resistance Level: Daily cloud top
- Support Level: Recent lows
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