GBPUSD Forex Analysis for Today, Wednesday(22-05-2024)
GBPUSD Still in Uptrend, BUY Opportunity Remains
GBPUSD Analysis
Dollar Index Stable
The dollar index has been stable since Monday, followed by GBPUSD movements which also tend to be stable. The market still hopes for the prospect of Fed rate cuts, especially after Fed official Christopher Waller, who is usually hawkish, shifted his stance to dovish.
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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