GBPUSD forex analysis for today, Friday(10-05-2024)

GBPUSD forex analysis for today, Friday(10-05-2024)

GBPUSD Still Below Descending Trendline, Look for Selling Opportunities

Analysis GBPUSD

BoE Keeps Interest Rates Unchanged

Seven out of nine members of the Monetary Policy Committee (MPC) chose to maintain interest rates, while the remaining two opted to cut interest rates. This decision differs from market expectations, where all nine MPC members were expected to agree on keeping interest rates unchanged. BoE Governor Andrew Bailey mentioned the possibility of BoE cutting interest rates beyond market expectations.

Price Still Below Descending Trendline

Prices are still moving below the descending trendline visible on the H4 time frame. Selling opportunities can be sought in the trendline and nearest resistance area.

Prediction: WEAK GBPUSD


  • R1 1.26485
  • R2 1.25317
  • R3 1.26926
  • R4 1.27464


  • S1 1.25317
  • S2 1.26485
  • S3 1.24984
  • S4 1.24625

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