GBPUSD Still Showing SELL Potential, Held Back by Down Trendline
GBPUSD Analysis
Market Awaits US NFP Data
The USD has strengthened as market expectations for aggressive rate cuts by the Fed this month have eased. This week, the market’s focus has shifted to a series of economic reports, culminating in the US non-farm payrolls data on Friday.
Still Below the Trendline
When viewed on the H1 time frame, the price remains constrained below the down trendline. Today’s outlook is leaning toward a sell for GBPUSD, and confirmation can be sought near that trendline.
Prediction: WEAK GBPUSD
Resistance Levels
- R1 1.32500
- R2 1.32400
- R3 1.32200
- R4 1.32200
Support Levels
- S1 1.32063
- S2 1.30962
- S3 1.30400
- S4 1.29860
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