GBPUSD Forex Analysis for Today – Wednesday (24-01-2024)
Breaklow on H1: GBPUSD Maximizing Pullback
Fundamental Pressure from Interest Rates
The British Pound responds to a smaller-than-expected UK budget deficit. Overall, the market is observing currency movements and interest rate expectations amidst various central bank meetings.
Potential Price Reversal
It is observed that prices are pulling back after a decline. This movement will increase the potential for GBPUSD to retrace to resistance, opening up selling opportunities.
Prediction: WEAK GBPUSD
Resistance Levels
- R1: 1.27400
- R2: 1.27000
- R3: 1.27600
- R4: 1.27900
Support Levels
- S1: 1.27000
- S2: 1.27400
- S3: 1.26800
- S4: 1.26400
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