GBPUSD BUY Opportunity Again, Correction to Trendline Area
GBPUSD Analysis
GBPUSD Reaches Highest Level in Two Years
The British pound strengthened against the USD, reaching its highest level in nearly two years as the dollar continues to weaken. Market participants are still awaiting this week’s economic data, particularly those related to inflation like the Core PCE Price Index, to gain insights into the extent of the Fed’s rate cut next month.
Correction to Up Trendline Area
The price has corrected to the up trendline area visible on the H1 timeframe. A buy signal can be sought in this trendline area.
Prediction: STRONG GBPUSD
Resistance Levels
- R1 1.31715
- R2 1.32966
- R3 1.33570
- R4 1.34162
Support Levels
- S1 1.30000
- S2 1.30500
- S3 1.31000
- S4 1.31500
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