📊 GBPUSD 24th January 2025 Daily Analysis Based on Main Key Levels

Introduction

In the dynamic world of forex trading, understanding key market levels is essential for successful trading. This blog provides an in-depth analysis of the GBPUSD currency pair, focusing on critical support and resistance levels, along with actionable trade setups.

Current Market Overview

The current Daily Current Market Price (DCMP) for GBPUSD is 1.23945.

Key Levels Summary

Resistance Levels Above DCMP (1.23945)

🔺 Resistance 1: 1.23986

🔺 Resistance 2: 1.23196

🔺 Resistance 3: 1.24229

Support Levels Below DCMP (1.23945)

🟢 Support 1: 1.23089

🟢 Support 2: 1.21126

🟢 Support 3: 1.20637

Swing Levels

📊 Swing High: 1.28116

📊 Swing Low: 1.21600

Trade Setup

💼 Intraday Buy Trade Setup

Entry Price: ✨ 1.23196

Stop Loss: ❌ 1.23000

Take Profit 1: 🎯 1.23404

Take Profit 2: 🎯 1.23914

Reason for Entry:

The support level at 1.23196 is below the DCMP, indicating a strong buying opportunity. This level aligns with significant technical support, suggesting potential upward movement.

💼 Intraday Sell Trade Setup

Entry Price: ✨ 1.23986

Stop Loss: ❌ 1.24150

Take Profit 1: 🎯 1.23719

Take Profit 2: 🎯 1.24229

Reason for Entry:

The resistance level at 1.23986 is just above the DCMP, providing a viable selling opportunity. This level coincides with key technical resistance, indicating potential downward movement.

Analysis Summary

Resistance and Support Levels: Key levels indicate potential reversal zones. Resistance levels are identified at 1.23986, 1.23196, and 1.24229, while support levels are at 1.23089, 1.21126, and 1.20637.

Swing Levels: The Swing High is at 1.28116, and the Swing Low is at 1.21600.

Pivot Levels: The pivot level is at 1.23404, providing additional context for potential reversals.

Fibonacci Levels: Significant retracement and extension levels align with the identified support and resistance zones.

RSI Divergence: Indicates potential overbought conditions at resistance levels and oversold conditions at support levels.

MACD Crossing: Suggests bullish momentum at support levels and bearish momentum at resistance levels, confirming trade setups.

Conclusion

This analysis provides traders with actionable insights and key levels to navigate the GBPUSD market effectively. With the current market price at 1.23945, traders can utilize the outlined support and resistance levels, along with technical indicators, to make informed trading decisions. Stay updated for more insights and analyses!