GBPUSD Remains SELL Potential, Down Trendline Still in Play
GBPUSD Analysis
Profit-Taking Pressures Pound
The British pound continues to weaken against the USD as profit-taking adds further pressure on GBPUSD. Meanwhile, the market is awaiting the US non-farm payrolls data, which will be the key economic release to conclude the week.
Still Below the Trendline
On the H1 time frame, the price remains constrained below the down trendline. Today’s bias is towards a sell for GBPUSD, with confirmation signals possibly emerging around this trendline area.
Prediction: WEAK GBPUSD
Resistance Levels
- R1 1.32400
- R2 1.32200
- R3 1.32000
- R4 1.31800
Support Levels
- S1 1.31699
- S2 1.30572
- S3 1.30037
- S4 1.29494
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