Let's explore the market today with Selena!
On the 1-hour chart, GBPUSD is continuing to recover from previous losses, bouncing back from the 1.212 level. The current price is at 1.220. "The strong recovery of GBP could extend to the 1.2250 level before stalling," Selena emphasized. Selena also highlighted that "the next resistance level at 1.2300 is unlikely to be threatened."
Although GBP has recovered more than expected, it has not reached the 1.2300 resistance level (it sharply declined from the high of 1.2271). The short-term price increase does not lead to any accumulation momentum, and it is difficult for GBP to rise further. Today, GBP is likely to consolidate further, possibly within the range of 1.2145 - 1.2255.
On the 1-hour chart, GBPUSD is continuing to recover from previous losses, bouncing back from the 1.212 level. The current price is at 1.220. "The strong recovery of GBP could extend to the 1.2250 level before stalling," Selena emphasized. Selena also highlighted that "the next resistance level at 1.2300 is unlikely to be threatened."
Although GBP has recovered more than expected, it has not reached the 1.2300 resistance level (it sharply declined from the high of 1.2271). The short-term price increase does not lead to any accumulation momentum, and it is difficult for GBP to rise further. Today, GBP is likely to consolidate further, possibly within the range of 1.2145 - 1.2255.
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What do you think about the market this week? Please comment your thoughts below the article!
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