GBPUSD Forex Analysis for Today, Wednesday (31-07-2024)
GBPUSD Still Has SELL Opportunity: Held by Down Trendline
GBPUSD Analysis
Bank of England Under Watch
Pound sterling weakened due to market speculation that the Bank of England (BoE) will start cutting interest rates at the meeting to be held tomorrow. About 58% of market participants believe the BoE will cut interest rates by 25 basis points to 5%.
Still Below Down Trendline
Prices are once again held at the trendline area visible on the H1 time frame. A pullback has also occurred to the resistance area that previously marked a BoS.
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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