GBPUSD Forex Analysis for Today – Tuesday, January 16, 2024
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GBPUSD Plunges to Support, Get Ready to SELL
Daily Analysis of GBPUSD
The potential for interest rate cuts continues to loom over as the dollar fluctuates amid renewed expectations of the Fed cutting interest rates in the near future. Expectations resurface following the deterioration of PPI data.
Bearish Candles Starting to Dominate
The dominance of bearish candles is beginning to show, and GBPUSD is held in the support area. A breakthrough of support will be confirmation for selling opportunities.
Conclusion: Weak GBPUSD
Resistance Levels
- R1: 1.27400
- R2: 1.26800
- R3: 1.27700
- R4: 1.27900
Support Levels
- S1: 1.26800
- S2: 1.27400
- S3: 1.26600
- S4: 1.26400
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