GBPUSD Forex Analysis – Wednesday (08-05-2024)

GBPUSD Forex Analysis – Wednesday (08-05-2024)

Still Held at Trendline, Check SELL Opportunity for GBPUSD

GBPUSD Analysis

The Pound weakened ahead of the Bank of England’s interest rate decision tomorrow. GBPUSD’s decline coincided with the strengthening of the dollar. The market is closely monitoring and digesting the latest statements from Fed officials regarding monetary policy direction.

It’s still below the trendline and resistance seen on the H4 time frame. Look for selling opportunities if there’s a breakthrough below support.

Prediction: WEAK GBPUSD


  • R1 1.26485
  • R2 1.24579
  • R3 1.26926
  • R4 1.27464


  • S1 1.24579
  • S2 1.26485
  • S3 1.24244
  • S4 1.23279

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