GBPUSD Shows Bullish Momentum Above Daily Pivot Point

GBPUSD Daily Pivot Points Analysis 05-Nov-2024

GBPUSD Shows Bullish Momentum Above Daily Pivot Point

GBPUSD is developing above the Daily Pivot Point at 1.2957, indicating bullish momentum. It may continue to rise with targets at Daily R1, Daily R2, and Daily R3. However, GBPUSD may face strong resistance at each of these levels, which could halt its ascent and push the price back down to the nearest broken resistance, or in the best scenario, near the Daily Pivot Point at 1.2957.

A move below the Daily Pivot Point at 1.2957 would signal an increase in bearish momentum, allowing GBPUSD to develop a bearish scenario with the other Daily Support zones. So far, the trend remains bullish, albeit with low trading volume.

Daily R3 - 1.3073
Daily R2 - 1.3036
Daily R1 - 1.2997
Daily Pivot Point - 1.2957
Daily S1 - 1.2916
Daily S2 - 1.2878
Daily S3 - 1.2837

You may find more details in the chart!
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