Market Analysis: GBP continues to be supported by previously strong UK retail sales data, which has eased market concerns over a UK economic slowdown. However, with no major UK economic data releases scheduled for today, GBP will largely move in line with the USD. If the US CPI exceeds expectations, GBP may face selling pressure against the USD. Nevertheless, GBPTHB could still be supported by a weakening Thai Baht, driven by the Thai stock market opening in negative territory this morning.
Technical Outlook: On the 4-hour timeframe (4H), the overall price action continues to move in a sideways pattern. In the shorter 1-hour timeframe (1H), a Double Bottom pattern has formed, and the price is continuously holding above the EMA lines. Meanwhile, the MACD has crossed upward, reflecting returning buying momentum, and the RSI has risen above the midline. If the Thai stock market opens in negative territory this afternoon, it could support the opportunity for GBPTHB to rise and retest the resistance zone around 44.11 – 44.13.
Risk Factors: The RSI is approaching the short-term overbought zone, while the histogram is thinning, suggesting that the rebound momentum is starting to weaken. Additionally, if the SET index opens positive this afternoon, it could pressure the pair to pull back and retest the support level around 44.01. (Note: Corrected from AUDTHB in the original draft to align with GBPTHB).
Support Level : 44.01
Target : 44.11 – 44.13
Stop Loss : 44.00