GBPUSD Forex Analysis for Today, Thursday (16-05-2024)
Monitor BUY Opportunities: GBPUSD Rally
GBPUSD Analysis
US Inflation Data Pressures USD
The USD weakened after CPI and retail sales data came in weaker than expected, making the market more confident that the Fed will proceed with interest rate cuts in September.
Monitor Potential Resistance Break
Prices are still consolidating in the resistance area visible in the H1 time frame. A breakout above the resistance area will increase buy opportunities.
Prediction: STRONG GBPUSD
Resistance
- R1 1.27006
- R2 1.26597
- R3 1.27202
- R4 1.27419
Support
- S1 1.26597
- S2 1.27006
- S3 1.26430
- S4 1.26221
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