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GBPUSD 9 May 2023

GBPUSD 9 May 2023 on the H4 timeframe, it can be seen that the pair bounced after successfully touching R1 yesterday. Previously the pair had to go through ranging between S1 and R1 which was quite long. When referring to the stochastic and RSI indicators, it can be seen that this pair will return to a bullish trend due to overbought. If so, then go-long is the choice for scalpers. However, if the pair is unsuccessful and instead continues to drop towards S1 then go-short is an option. Stay alert to market volatility and trade with your own risk.

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