GBPUSD Forex Analysis – Thursday (02-05-2024)

GBPUSD Forex Analysis – Thursday (02-05-2024)

GBPUSD Forex Analysis for Today – Thursday (02-05-2024)

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GBPUSD Pullback to Resistance! Prepare to Seek SELL Opportunities!

GBPUSD Daily Analysis

Fed Not Yet Considering Interest Rate Cuts

The dollar weakened following Powell’s statement that the Fed will reduce Quantitative Easing. However, Powell also mentioned that there are currently no options to cut interest rates unless the Fed is confident that inflation has fallen to their two percent target.

Pullback to Resistance Area

Prices pulled back to the resistance area after breaking the trendline. Sell opportunities can be sought as long as prices do not break above the resistance area.

Prediction: WEAK GBPUSD

Resistance Levels

  • R1: 1.25756
  • R2: 1.25198
  • R3: 1.26013
  • R4: 1.26278

Support Levels

  • S1: 1.25198
  • S2: 1.25756
  • S3: 1.25119
  • S4: 1.24972

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