GBPUSD Forex Analysis for Today, Thursday (22-08-2024)
Check BUY Opportunities for GBPUSD! Still Moving Above Trendline
GBPUSD Analysis
USD Weakness Supports GBPUSD
The strengthening of GBPUSD is driven by the weakening USD after rising expectations that the Fed will aggressively cut interest rates in September, especially following July’s U.S. labor data, which increased recession risks. According to the CME FedWatch Tool, the likelihood of the Fed cutting rates by 50 basis points has increased to 67.5%, up from 13.2% a week earlier.
Still Supported by Up Trendline
The price is still moving above the uptrend line seen on the H1 time frame. A buy signal can be sought if a correction occurs to that trendline area.
Forecast: STRONG GBPUSD
Resistance Levels:
- R1: 1.30058
- R2: 1.31031
- R3: 1.31481
- R4: 1.31967
Support Levels:
- S1: 1.28000
- S2: 1.28500
- S3: 1.29000
- S4: 1.29500
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