GBPUSD Forex Analysis for Today – Thursday, November 2, 2023
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GBPUSD Rebound After Failing to Break Support
Analysis of GBPUSD – The weakening of the US dollar has influenced the movement of GBPUSD. GBPUSD initially declined but failed to breach the support area.
Today’s Trading Strategy:
There is an opportunity to BUY GBPUSD today as long as it does not fall below the lower range of 1.21051 – 1.20858, with the potential to rise towards the range of 1.21902 – 1.22043.
Alternatives:
A breakthrough of the support area at 1.21051 – 1.20858 has the potential to push GBPUSD down towards the range of 1.20748 – 1.20658.
Resistance Levels
- R1: 1.22043
- R2: 1.22911
- R3: 1.23425
Support Levels
- S1: 1.20858
- S2: 1.20658
- S3: 1.20315
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