GBPUSD Forex Analysis for Today, Thursday (20-06-2024)

GBPUSD Forex Analysis for Today, Thursday (20-06-2024)

GBPUSD Forex Analysis for Today, Thursday (20-06-2024)

Potential SELL GBPUSD: Bearish Flag Opportunity

GBPUSD Analysis

UK CPI Weakens

The UK CPI data was released lower than expected, a day before the BoE’s interest rate announcement. The market will be awaiting the BoE’s statement following the rate announcement.

Potential Bearish Flag

A potential bearish flag pattern is visible on the H4 time frame. Selling opportunities can be taken if there is a bearish signal confirmation at the upper line of the pattern.

Prediction: WEAK GBPUSD

Resistance Levels

  • R1 1.28000
  • R2 1.27620
  • R3 1.27500
  • R4 1.27310

Support Levels

  • S1 1.27200
  • S2 1.27620
  • S3 1.27101
  • S4 1.26903

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