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GBPUSD 23 May 2024

GBPUSD 23 May 2024 GBPUSD on the daily timeframe, shows that the pair managed to break out of the Kumo Cloud after experiencing a long bullish trend since the beginning of this month. The pair managed to occupy the price position of 1.27271 and is still likely to continue the bullish trend. However, it can be seen on the Stochastic indicator that the pair is already in an overbought zone, and its chart shows a decline from the 100 level towards the 80 level. This indicates that while there is a possibility for bullish continuation, there is also the potential for a correction or trend reversal in the near future. Traders need to pay attention to these signals and consider proper risk management in anticipation of price movements that go against expectations.

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