GBPUSD Forex Analysis for Today, Monday(08-07-2024)
Opportunity to BUY GBPUSD: Moving Above Trendline
GBPUSD Analysis
June US NFP Lower
June US NFP data was released lower than May, at 206 thousand below May’s figure of 218 thousand. The unemployment rate rose from 4 percent to 4.1 percent. This data increases the likelihood of a Fed rate cut this year, particularly in September.
Monitor Trendline Area
The price is still moving above the trendline seen in the H1 time frame. Buying opportunities can be found in the uptrend line area.
Prediction: STRONG GBPUSD
Resistance
- R1 1.27426
- R2 1.28200
- R3 1.28602
- R4 1.28983
Support
- S1 1.26500
- S2 1.27000
- S3 1.27500
- S4 1.28000
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