GBPUSD Forex Analysis for Today, Tuesday (06-08-2024)
Check SELL Opportunity for GBPUSD! Still Held at Trendline!
GBPUSD Analysis
Sterling Still Under Pressure from BoE Rate Cut
GBPUSD remains generally under pressure following the interest rate cut by the Bank of England. On the other hand, the USD gained some strength as market confidence in a rate cut in September slightly decreased. According to the CME FedWatch Tool, market confidence is now around 73% for a 50 basis point rate cut, down from 93%.
Monitor Trendline Area
The price is still held at the descending trendline seen on the H1 time frame. A pullback occurred to the trendline area. Look for confirmation of a SELL signal at the trendline area.
Prediction: WEAK GBPUSD
Resistance
- R1 1.29400
- R2 1.29200
- R3 1.29000
- R4 1.28800
Support
- S1 1.28534
- S2 1.27736
- S3 1.27300
- S4 1.26874
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