GBPUSD Forex Analysis for Today, Tuesday(21-05-2024)
GBPUSD Still in Uptrend, BUY Opportunity Remains
GBPUSD Analysis
Dollar Index Still Under Pressure
The dollar index is still observed to be moving under bearish pressure despite a slight strengthening yesterday, as the market awaits further clues on monetary policy direction from Fed officials. US inflation data still shows signs of slowing.
Buy If Resistance Breaks
GBPUSD is still moving in an uptrend as seen on the H1 time frame. The buying opportunity will increase if there is a break above the resistance.
Forecast: STRONG GBPUSD
Resistance Levels:
- R1 1.27350
- R2 1.26854
- R3 1.27732
- R4 1.28040
Support Levels:
- S1 1.26343
- S2 1.26854
- S3 1.25914
- S4 1.25659
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