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Formation of Triple Bottom, GBPUSD Potential Upside

Analysis of GBPUSD – The strengthening of the US dollar is influencing the movement of GBPUSD. GBPUSD experienced a temporary decline but still failed to breach the support zone of 1.24671 – 1.24395.

Today’s Trading Strategy:

There is an opportunity to buy GBPUSD today as long as it doesn’t break below the range of 1.24671 – 1.24395, with the potential upside target being the range of 1.25382 – 1.25517.

Alternative:

A breakthrough below the support area of 1.24671 – 1.24395 could potentially push GBPUSD down to the range of 1.24039 – 1.23816.

Resistance

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

Support

• S1: 1.24395
• S2: 1.23816
• S3: 1.23222

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