GBPUSD forex analysis for today, Thursday(09-05-2024)

GBPUSD forex analysis for today, Thursday(09-05-2024)

GBPUSD Testing Support, SELL on Breakout

Analyze GBPUSD

Market Awaits BoE Decision

The market is awaiting the decision of the Bank of England today. UK CPI has fallen lower than US CPI for the first time since 2022, marking a two-year low and increasing market confidence that the BoE will cut interest rates and maintain a dovish stance.

Price Testing Support Area

Prices are testing the support area. Look for selling opportunities if there is a breakout below that support level.

Prediction: WEAK GBPUSD

  • Resistance
    • R1 1.26485
    • R2 1.24579
    • R3 1.26926
    • R4 1.27464
  • Support
    • S1 1.24579
    • S2 1.26485
    • S3 1.24244
    • S4 1.23279



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