GBPUSD Forex Analysis for Today – Monday (06-05-2024)
Sell Opportunity for GBPUSD: GBPUSD Held at Trendline and Resistance
GBPUSD Analysis
Market Awaits BoE Decision
The Bank of England will announce interest rates this week with a focus on potential economic weakness. Even this month’s estimate from the Organization for Economic Cooperation and Development predicts that the UK’s economic downturn is the worst among the G7 countries.
Trendline and Resistance Holding
Prices are held at the trendline and resistance area seen on the H4 timeframe. Sell opportunities can be sought at the trendline and resistance area.
Prediction: WEAK GBPUSD
Resistance Levels
- R1: 1.26498
- R2: 1.25706
- R3: 1.26926
- R4: 1.27464
Support Levels
- S1: 1.25706
- S2: 1.26498
- S3: 1.25332
- S4: 1.24985
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