GBPUSD Forex Analysis for Today, Wednesday (14-08-2024)
Look for BUY Opportunities in GBPUSD: Moving Above the Trendline
GBPUSD Analysis
US PPI Data Pressures USD
The USD is under pressure due to US PPI data coming in lower than anticipated, which enhances market expectations that the Fed will reduce interest rates in September.
Above the Up Trendline
GBPUSD is currently trading above the ascending trendline visible on the H1 time frame. A buying signal may be sought if a correction occurs toward this trendline area.
Forecast: STRONG GBPUSD
Resistance Levels:
- R1: 1.27717
- R2: 1.28600
- R3: 1.29019
- R4: 1.29458
Support Levels:
- S1: 1.27000
- S2: 1.27500
- S3: 1.28000
- S4: 1.28500
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