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29.05.202318:54 Forex Analysis & Reviews: May 29, 2023 : GBP/USD Intraday technical analysis and significant key-levels.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 29.05.2023 analysis

The GBPUSD pair was in an uptrend from 1.0400 to 1.0600, which prevented further losses.

The rising lows at 1.1150 and 1.1750 showed that bulls were strong and could push the price higher than 1.1750.

Bulls faced resistance at 1.2340, but they overcame it. However, they could not make a new high and instead repeated the same high level, forming a double-top pattern.

This led to a downward correction to 1.1800, which was seen as a good buying opportunity with a target around 1.2350.

Since recent bullish breakout above 1.2340 was witnesse, latest fundamental analysis shows that the USD has been hurt by low interest rates and inflation concerns.

However, traders should be careful and watch out for any news that could affect the pair's performance.

If the pair keeps rising steadily above 1.2340, it could reach 1.2700.

But if the current breakout turns out to be false, another drop to 1.1750-1.1800 could happen.

Mohamed Samy
Analytical expert of InstaForex
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