GBPUSD Forex Analysis for Today, Wednesday (01-11-2023)
Potential Rebound in GBPUSD, Watch Out for Support Area
GBPUSD Analysis – The strength of the US dollar is affecting the GBPUSD movement. GBPUSD has corrected downwards towards the support area.
Today’s Trading Strategy:
- There is a possibility to BUY GBPUSD today as long as it doesn’t break below the range of 1.20958 – 1.20853, with the potential to rise to the area of 1.21915 – 1.22017.
Alternative Scenario:
- If the support area at 1.20958 – 1.20853 is breached, it may push GBPUSD down to the range of 1.20743 – 1.20653.
Resistance Levels:
- R1: 1.22017
- R2: 1.22911
- R3: 1.23425
Support Levels:
- S1: 1.20853
- S2: 1.20653
- S3: 1.20310
