GBPUSD Forex Analysis for Today, Friday (16-08-2024)
BUY Opportunity for GBPUSD: Bullish Flag Detected!
GBPUSD Analysis
Pound Gains Strength from GBP Data
The UK economy showed unexpected growth in the second quarter. The British pound has gained momentum from the YoY GDP data for the second quarter, which rose from 0.3% to 0.9%.
Bullish Flag on H1 Time Frame
A bullish flag pattern has been confirmed on the H1 time frame. A buy signal may be pursued if a pullback occurs to the upper line of this pattern.
Forecast: STRONG GBPUSD
Resistance Levels:
- R1: 1.28083
- R2: 1.28934
- R3: 1.29332
- R4: 1.29698
Support Levels:
- S1: 1.27000
- S2: 1.27500
- S3: 1.28000
- S4: 1.28500
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