GBPUSD Forex Analysis for Today, Monday (19-08-2024)
Potential BUY GBPUSD, Moving Above Trendline!
GBPUSD Analysis
Improving UK Economic Data
The UK GDP data showed an increase of 0,6% in the second quarter compared to the previous quarter. Additionally, y/y GDP rose 0,9% in the second quarter, up from just 0,3% in the first quarter. Meanwhile, the dollar remains under pressure due to expectations of a rate cut by the Fed in September.
Monitor the Trendline Area
The price is moving above the upward trendline visible on the H1 time frame. A buy signal can be identified if there is a correction toward the trendline area.
Forecast: STRONG GBPUSD
Resistance Levels:
- R1: 1.28641
- R2: 1.29380
- R3: 1.29762
- R4: 1.30131
Support Levels:
- S1: 1.28000
- S2: 1.28500
- S3: 1.29000
- S4: 1.29500
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