GBPUSD Forex Analysis for Today, Wednesday (10-07-2024)
SELL Opportunity on GBPUSD: Breaks Trendline
GBPUSD Analysis
Powell Not Yet Convinced to Cut Rates
In his statement last night, Fed Chairman Jerome Powell said that inflation is still above the Fed’s target and reiterated that the Fed needs supporting data to justify a rate cut.
Breaks Trendline
The price has broken below the rising trendline visible on the H1 time frame and is testing the support area. The highs are also trending lower. SELL opportunities can be sought if there is a break below the support area.
Prediction: WEAK GBPUSD
Resistance
- R1 1.28290
- R2 1.27287
- R3 1.26818
- R4 1.26323
Support
- S1 1.26500
- S2 1.27000
- S3 1.27500
- S4 1.28000
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