GBPUSD At Resistance: Do Not Buy Now
Tues 24th January 2023 : Daily Currency Strength Analysis
In Today’s Video we’re looking at Trading Setups in:
- USD Index
- GBPUSD
- NZDUSD
GBPUSD At Resistance: Do Not Buy Now
In today’s currency strength video we identified that the USD remains weak being W1 on the trend traders table and W2 on the day traders table.
However is it the right time to short the USD?
When looking at the USD Index (an index of the value of the United States dollar relative to a basket of foreign currencies) we can see that the price is at the May 2022 lows at 101.25.
This level could act as significant support for the USD, which could also signal to us that it is not the right time to continue to short the greenback.
We can witness this across the charts including GBPUSD which price sits at the previous weekly highs around 1.2400.
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