. GBPUSD Forex Market Update & Technical Analysis - 04 May 2023

GBPUSD Forex Market Update & Technical Analysis – 04 May 2023

GBPUSD Forex Market Update & Technical Analysis – 04 May 2023

04 May 2023

GBPUSD Technical Analysis: Weekly Chart

WEEKLY CHART

In the weekly charts, GBPUSD is trading in an up channel. GBPUSD is currently trading above all SMA except MA(5).

RSI is in the buying zone which indicates bullishness. MACD is currently above zero which indicates bullishness.

Its immediate support is 1.24000 the resistance level is at 1.27000

GBPUSD will trade in an up channel until there is a trend reversal.

GBPUSD Technical Analysis: Daily Chart

WEEKLY CHART

In the daily charts, GBPUSD is trading in an up channel. GBPUSD is currently trading above all SMA except MA (5).

RSI is in the buying zone which indicates bullishness. MACD is currently above zero which indicates bullishness.

Its immediate support is 1.24500 the resistance level is at 1.26000

GBPUSD will trade in an up channel until there is a trend reversal.  

How to Trade GBPUSD this Week:

GBPUSD will follow the uptrend until its trend reversal. So, remain bullish on GBPUSD

TRADE SUGGESTION- BUY AT 1.25000, TAKE PROFIT AT 1.26500, AND STOP LOSS AT 1.24000.