GBPUSD Forex Analysis for Today, Thursday (18-07-2024)
Potential BUY GBPUSD: Ascending Triangle Confirmed!
Analysis GBPUSD
UK CPI Increases
The UK CPI YoY for June was released at 2 percent, higher than the forecast of 1.9 percent. This inflation data strengthens the notion that the Bank of England will not rush into starting a rate-cutting cycle, contrary to market expectations for the Fed, which is expected to begin cutting rates in September.
Ascending Triangle Pattern
The ascending triangle pattern is confirmed on the H1 time frame. A correction occurred to the upper line area of this pattern. Buying opportunities can be sought at this upper line.
Forecast: STRONG GBPUSD
Resistance
- R1 1.29338
- R2 1.30592
- R3 1.31184
- R4 1.31812
Support
- S1 1.29000
- S2 1.29500
- S3 1.30000
- S4 1.30500
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