GBPUSD Forex Analysis for Today, Tuesday (20-08-2024)
GBPUSD Still Offers BUY Opportunity, Keep an Eye on Trendline Area!
GBPUSD Analysis
USD Approaching Seven-Month Low
The dollar index is nearing its lowest level in seven months as expectations rise for a potential interest rate cut by the Fed, anticipated to begin in September. The market is also awaiting insights from Powell’s statements on Friday.
Monitor Trendline Area
The price continues to move above the upward trendline observed on the H1 time frame. A buy signal could be identified if a correction occurs toward the trendline area.
Forecast: STRONG GBPUSD
Resistance Levels:
- R1: 1.28641
- R2: 1.29655
- R3: 1.30138
- R4: 1.30570
Support Levels:
- S1: 1.28000
- S2: 1.28500
- S3: 1.29000
- S4: 1.29500
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