GBPUSD Forex Analysis for Today, Thursday (05-09-2024)
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BUY Opportunity for GBPUSD, DOWN TRENDLINE HAS BEEN BROKEN!
GBPUSD Analysis
The pound strengthened after the S&P data. The UK Composite PMI and Services PMI improved, recording 53.8 and 53.7 in August, up from 52.8 and 52.5 in July, respectively.
Trendline Break
On the H1 timeframe, the down trendline has been broken by the price. Today’s opportunity leans towards a buy for GBPUSD, with confirmation sought if a pullback occurs to the trendline area.
Prediction: STRONG GBPUSD
Resistance Levels
- R1: 1.30842
- R2: 1.31557
- R3: 1.31926
- R4: 1.32334
Support Levels
- S1: 1.30800
- S2: 1.31200
- S3: 1.31400
- S4: 1.31600
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