GBPUSD Hits New 2024 High as Overbought Conditions Loom
GBPUSD has surged to a new high for 2024, but short-term overbought signals suggest a potential correction. Traders not yet in the market are likely waiting for a pullback to the 1.3288–1.3194 range, where the lower boundary is seen as the trend-defining level. With a favorable risk-to-reward ratio in this zone, upside potential remains strong, targeting 1.34 and 1.345 as next resistance levels.
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This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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