GBPUSD Fails to Break Support, Upside Potential

GBPUSD Analysis: The strengthening of the US dollar has influenced the movement of GBPUSD. GBPUSD initially declined but still failed to break below the support area of 1.24463 – 1.24317.

Today’s Trading Strategy:

There is a potential opportunity to buy GBPUSD today as long as it doesn’t break below the 1.24463 – 1.24317 support area, with the potential for an upside move towards the range of 1.25382 – 1.25517.

Alternatives:

A breakthrough below the support area of 1.24463 – 1.24317 could potentially push GBPUSD lower to the range of 1.24005 – 1.23826.

Resistance Levels:

• R1: 1.25517
• R2: 1.25919
• R3: 1.26614

Support Levels:

• S1: 1.24317
• S2: 1.23826
• S3: 1.23222

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