GBPUSD Forex Analysis for Today, Thursday(23-05-2024)

GBPUSD Forex Analysis for Today, Thursday(23-05-2024)

GBPUSD Forex Analysis for Today, Thursday(23-05-2024)

Prepare to BUY, GBPUSD Corrects to Uptrend Line

GBPUSD Analysis

UK Inflation Data Supports Sterling

Sterling is still supported by UK inflation data which did not show the slowdown that was expected, making the market skeptical that the Bank of England will cut interest rates next month. Meanwhile, the market also doubts that the Fed will cut interest rates this year.

Watch Trendline Area

GBPUSD corrected to test the trendline and support area visible on the H1 time frame. Buy opportunities can be sought in this trendline or support area.


Resistance Levels:

  • R1 1.27071
  • R2 1.26323
  • R3 1.27256
  • R4 1.27591

Support Levels:

  • S1 1.26323
  • S2 1.27071
  • S3 1.26053
  • S4 1.25654

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