GBPUSD Forex Analysis for Today, Thursday (01-08-2024)
GBPUSD Still Has SELL Potential: Held by Resistance
GBPUSD Analysis
Market Awaits BoE Decision
The market is awaiting the Bank of England (BoE) decision, which is expected to cut interest rates by 25 basis points to 5%. About 58% of market participants believe BoE will cut rates in today’s meeting.
Watch Resistance Area
Prices are once again held in the resistance area visible on the H1 time frame. Look for confirmation of sell signals in that area.
Prediction: WEAK GBPUSD
Resistance
- R1 1.29000
- R2 1.28500
- R3 1.28000
- R4 1.27500
Support
- S1 1.28903
- S2 1.28054
- S3 1.27611
- S4 1.27191
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