GBPUSD Forex Analysis for Today, Thursday(11-01-2024)
Get Ready to SELL! Bearish Engulfing Appears in GBPUSD
Daily Analysis GBPUSD
Governor Bailey’s Speech Boosts Pound, Market Awaits US CPI
BOE Governor Andrew Bailey’s speech, implying no near-term interest rate cuts by the BOE, lifted the pound. However, the market is still waiting for US CPI data, limiting the pound’s strength.
Price at Upper Line Triangle, Bearish Engulfing Appears
GBPUSD still has the potential to form a symmetrical triangle pattern, and the current price is near the upper line area. A bearish engulfing pattern has also emerged, indicating potential bearish movement.
Conclusion: WEAK GBPUSD
Resistance
- R1 1.27700
- R2 1.27000
- R3 1.28050
- R4 1.28400
Support
- S1 1.27400
- S2 1.27700
- S3 1.27200
- S4 1.27100
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