GBPUSD: Resistance at 1.32225, Strong Support at 1.30969
The chart shows GBPUSD facing strong resistance at 1.32225, tested multiple times but not yet broken, as indicated by the red arrows.
Both EMA 34 and EMA 89 confirm that the long-term uptrend remains intact, despite the price temporarily correcting towards the support zone.
The two key support levels are Support 1 at 1.30969 and Support 2 at 1.31182, with price responding well, showing strong buying pressure.
GBPUSD is likely to fluctuate within the range of 1.3050 - 1.3250 before a clearer trend emerges. If it breaks above the 1.32225 resistance, the pair could continue to rise.
The slight decrease in the UK's GDP may put short-term pressure on the GBP. However, the Bank of England (BoE) potentially raising interest rates adds uncertainty and volatility to the GBPUSD pair.
Both EMA 34 and EMA 89 confirm that the long-term uptrend remains intact, despite the price temporarily correcting towards the support zone.
The two key support levels are Support 1 at 1.30969 and Support 2 at 1.31182, with price responding well, showing strong buying pressure.
GBPUSD is likely to fluctuate within the range of 1.3050 - 1.3250 before a clearer trend emerges. If it breaks above the 1.32225 resistance, the pair could continue to rise.
The slight decrease in the UK's GDP may put short-term pressure on the GBP. However, the Bank of England (BoE) potentially raising interest rates adds uncertainty and volatility to the GBPUSD pair.
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