GBPUSD Forex Analysis for Today – Wednesday (20-09-2023)
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GBPUSD Consolidation Trapped in Support and Resistance Area
Analysis of GBPUSD – The wait-and-see approach adopted by market participants is influencing the movement of GBPUSD. GBPUSD is currently moving sideways, trapped within the support and resistance area.
Today’s Trading Strategy:
There is a potential opportunity to Sell GBPUSD today if it breaks below the range of 1.23750 – 1.23668, with the potential for a decline to the range of 1.23299 – 1.23085.
Alternative:
If there is a breakthrough above the resistance area of 1.24393 – 1.24479, it may push GBPUSD up to the range of 1.24963 – 1.25182.
Resistance Levels:
- R1: 1.24479
- R2: 1.25182
- R3: 1.25517
Support Levels:
- S1: 1.23668
- S2: 1.23085
- S3: 1.22748
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