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09.05.202314:03 Forex Analysis & Reviews: Technical analysis on GBPUSD for May 9th, 2023.

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 09.05.2023 analysis

Black lines- wedge pattern

Green line- bearish RSI divergence

GBPUSD recently made a new higher high at 1.2667 but the RSI continues to make lower highs providing a bearish divergence warning. The up trend is weakening according to the RSI. Price is still making higher highs and higher lows inside a wedge pattern. Price is now under pressure and because of the bearish divergence I believe it is more probable to move lower towards the lower wedge pattern boundary around 1.25. At current levels we prefer to be neutral as we believe there is limited upside potential and increased risk of a pull back.

Alexandros Yfantis
Analytical expert of InstaForex
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