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Daily Market Analytics - Forex
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[QUOTE="FXOpen Trader, post: 346983, member: 104606"] [B][SIZE=5]GBPUSD Technical Analysis – 02nd MAY, 2024 GBPUSD – Bearish Trend Reversal[/SIZE][/B] [img]https://i.imgur.com/AABgDnr.png[/img] GBPUSD was unable to sustain its Bullish momentum this week and after touching a high of 1.2543 today, it started to decline towards the 1.2500 levels. We can see the formation of Bearish Trend Reversal pattern with the Moving Average MA50 in the 2-hourly timeframe. The prices of Pound are back under the Pivot point in the 2-hourly timeframe. Some of the Technical indicators are giving a Sell signal at the current market levels of 1.2517. The Support of the channel is broken in the 15-minutes timeframe. GBPUSD is now trading below its 100-hour SMA and above its 200-hour SMA simple moving average. [LIST] [*] Pound Bearish Reversal seen Below the 1.2543 mark. [*] Short-term range appears to be Neutral. [*] GBPUSD continues to remain Below the 1.2520 levels. [*] Average true range ATR is indicating less market volatility. [/LIST] GBPUSD is now trading just above its Pivot levels of 1.2512 and is moving into a Consolidation channel. The price of GBPUSD is aiming to cross its Classic Support Levels of 1.2500 after which we can see downwards bearish pressure towards the 1.2488 which is a 14-3 Day Raw Stochastic at 70%. [I][B]Disclaimer:[/B] This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.[/I] [B][URL="https://fxopen.com/blog/en/?utm_source=trendriforum&utm_medium=ownanalysis&utm_campaign=resolve"]For in-depth analysis, please check FXOpen Blog[/URL][/B] [/QUOTE]
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