GBPUSD Forex Analysis for Today, Wednesday (21-08-2024)
Check GBPUSD BUY Opportunities Now! Correction to Trendline Area
GBPUSD Analysis
UK PMI Projections Remain Elevated
The forecast for the UK’s Purchasing Managers’ Index (PMI) in August remains strong. UK Manufacturing PMI is expected to stay at 52.1, while the Services PMI is projected to rise to 52.8 from 52.5 during the same period.
Correction to Trendline Area
The price has corrected to the area of the upward trendline visible on the H1 time frame. A buy signal can be sought in this trendline area.
Forecast: STRONG GBPUSD
Resistance Levels:
- R1: 1.29707
- R2: 1.30689
- R3: 1.31146
- R4: 1.31603
Support Levels:
- S1: 1.28000
- S2: 1.28500
- S3: 1.29000
- S4: 1.29500
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