GBP/USD. May 31st. Bears remain weak and the pound rises alongside euro

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Technical analysis



Back
Technical analysis


GBP/USD. May 31st. Bears remain weak and the pound rises alongside euro


On the hourly chart, the GBP/USD




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31.05.2024 02:28 PM






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31.05.2024 02:28 PM




On the hourly chart, the GBP/USD pair fell into the support zone of 1.2690–1.2705 on Thursday, but the bears lacked the strength to continue their attack, and the US GDP report supported the bulls. Today, the pair's quotes returned to this zone, and the bears couldn't close below it again. Thus, until a close below this zone occurs, the pound can resume its upward movement toward the resistance zone of 1.2788–1.2801 at any moment.




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