GBPUSD Forex Analysis for Today, Tuesday (16-07-2024)
Check BUY Opportunity for GBPUSD, Ascending Triangle Pattern Still Present
Analysis GBPUSD
Powell Indicates Rate Cut
Fed Chairman Jerome Powell indicated that the Fed is open to the possibility of cutting interest rates even if inflation has not yet reached the Fed’s target of 2 percent.
Ascending Triangle Pattern Still Present
The ascending triangle pattern is still visible on the H1 time frame. A breakout above the upper line of this pattern also indicates a break of structure (BoS). Buying opportunities can be sought in this BoS area.
Forecast: STRONG GBPUSD
Resistance
- R1 1.28902
- R2 1.30126
- R3 1.30780
- R4 1.31484
Support
- S1 1.28000
- S2 1.29000
- S3 1.23000
- S4 1.31000
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