GBPUSD Forex Analysis – Monday (12-02-2024)

GBPUSD Forex Analysis – Monday (12-02-2024)

GBPUSD Forex Analysis for Today – Monday (12-02-2024)

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GBPUSD Opportunities: SELL if Support is Broken

Daily Analysis on GBPUSD

Market Awaits US CPI Data This Week

The dollar index moved within a narrow range last Friday as the market awaited the pace at which the Fed would cut interest rates this year. The market will be anticipating CPI data, which is expected to slow down.

Look for Opportunities If Support is Broken

Although moving sideways on the H1 time frame, the overall price movement chart still shows bearish pressure. A break below support will increase the selling opportunities.

Prediction: WEAK GBPUSD

Resistance

  • R1 1.26689
  • R2 1.25934
  • R3 1.26907
  • R4 1.27347

Support

  • S1 1.25934
  • S2 1.26689
  • S3 1.25669
  • S4 1.25159
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