GBPUSD Still Has BUY Potential, Remains Steady Above Up Trendline
GBPUSD Analysis
Powell Signals Green Light for Rate Cut
In his speech as the Fed chair at the Jackson Hole Symposium last Friday, Jerome Powell signaled a green light for a rate cut by the Fed in September. Currently, 72% of market participants believe the Fed will cut rates by 25 basis points, while the remaining expect a 50 basis point cut, according to the CME FedWatch Tool.
Stable Above Up Trendline
The price remains steadily above the up trendline area visible on the H1 time frame. A buy signal can be sought if there is a correction towards this trendline area.
Forecast: STRONG GBPUSD
Resistance Levels:
- R1: 1.31012
- R2: 1.32000
- R3: 1.32503
- R4: 1.33015
Support Levels:
- S1: 1.29000
- S2: 1.30000
- S3: 1.30500
- S4: 1.31000
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