GBPUSD Forex Analysis for Today, Tuesday (07-05-2024)

GBPUSD Forex Analysis for Today, Tuesday (07-05-2024)

GBPUSD Forex Analysis for Today, Tuesday (07-05-2024)

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Trendline Still Holding, Check SELL Opportunity for GBPUSD

GBPUSD Analysis

Market Awaits BoE Decision

The Bank of England (BoE) will announce interest rates this week, focusing on potential economic weakness, especially after estimates from the Organization for Economic Cooperation and Development (OECD) suggesting that the UK’s economic downturn will be the worst among G7 countries.

Held by Trendline and Resistance

Prices are held in the trendline and resistance area visible on the H4 time frame. Selling opportunities can be sought in this trendline and resistance area.

Prediction: WEAK GBPUSD

Resistance Levels

  • R1: 1.26498
  • R2: 1.25706
  • R3: 1.26926
  • R4: 1.27464

Support Levels

  • S1: 1.25706
  • S2: 1.26498
  • S3: 1.25332
  • S4: 1.24985

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