GBPUSD Forex Analysis for Today, Thursday (08-08-2024)
Check SELL Opportunity for GBPUSD! Bearish Wedge Pattern Reappears!
GBPUSD Analysis
Strengthening Pound Hindered by Risk Aversion
The strengthening of the pound sterling is expected to be hindered due to market risk aversion following increased tensions in the Middle East after Iran-backed Hezbollah launched dozens of rockets into Israel, in retaliation for the death of Hamas leader Ismail Haniyeh.
Bearish Wedge Pattern Reappears
The bearish rising wedge pattern is visible again on the H1 time frame. A pullback approaching the lower line of this pattern can be used to look for sell signal confirmation.
Prediction: WEAK GBPUSD
Resistance
- R1 1.28400
- R2 1.28200
- R3 1.28000
- R4 1.27800
Support
- S1 1.27430
- S2 1.26736
- S3 1.26374
- S4 1.26010
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