GBPUSD Forex Analysis for Today, Friday (06-09-2024)

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GBPUSD Still Has BUY Potential, Monitor ChOCh Area

GBPUSD Analysis

The US Dollar is under pressure, approaching its weekly lows ahead of the US non-farm payrolls (NFP) announcement. Its precursor, the ADP non-farm payrolls, showed a decrease compared to the previous month.

Trendline Break + ChOCh

The breakout above the down trendline seen on the H1 timeframe has shifted the intraday bias to bullish for GBPUSD. A buy signal confirmation can be sought if a correction occurs to the ChOCh area.

Prediction: STRONG GBPUSD

Resistance Levels

• R1: 1.31138
• R2: 1.31923
• R3: 1.32308
• R4: 1.32710

Support Levels

• S1: 1.30600
• S2: 1.30800
• S3: 1.31000
• S4: 1.31200

Disclaimer: This publication of analysis is a form of marketing communication and does not represent any research or investment advice whatsoever. The content contained therein reflects the general views of our experts and is not related to the personal conditions, investment experiences, or financial situations of the readers. This analysis is also not intended to promote any independent investment body, and Exness is not obliged to prohibit any transactions before the release of the analysis. Readers should be cautious about the potential for losses that may occur. Exness South africa is not responsible for any losses that may arise from the use of this analysis.

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GBPUSD Forex Analysis for Today, Thursday (05-09-2024)

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BUY Opportunity for GBPUSD, DOWN TRENDLINE HAS BEEN BROKEN!

GBPUSD Analysis

The pound strengthened after the S&P data. The UK Composite PMI and Services PMI improved, recording 53.8 and 53.7 in August, up from 52.8 and 52.5 in July, respectively.

Trendline Break

On the H1 timeframe, the down trendline has been broken by the price. Today’s opportunity leans towards a buy for GBPUSD, with confirmation sought if a pullback occurs to the trendline area.

Prediction: STRONG GBPUSD

Resistance Levels

• R1: 1.30842
• R2: 1.31557
• R3: 1.31926
• R4: 1.32334

Support Levels

• S1: 1.30800
• S2: 1.31200
• S3: 1.31400
• S4: 1.31600

Disclaimer: This publication of analysis is a form of marketing communication and does not represent any research or investment advice whatsoever. The content contained therein reflects the general views of our experts and is not related to the personal conditions, investment experiences, or financial situations of the readers. This analysis is also not intended to promote any independent investment body, and Exness is not obliged to prohibit any transactions before the release of the analysis. Readers should be cautious about the potential for losses that may occur. XM broker south africa is not responsible for any losses that may arise from the use of this analysis.

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GBPUSD Remains SELL Potential, Down Trendline Still in Play

GBPUSD Analysis

Profit-Taking Pressures Pound

The British pound continues to weaken against the USD as profit-taking adds further pressure on GBPUSD. Meanwhile, the market is awaiting the US non-farm payrolls data, which will be the key economic release to conclude the week.

Still Below the Trendline

On the H1 time frame, the price remains constrained below the down trendline. Today’s bias is towards a sell for GBPUSD, with confirmation signals possibly emerging around this trendline area.

Prediction: WEAK GBPUSD

Resistance Levels

• R1 1.32400
• R2 1.32200
• R3 1.32000
• R4 1.31800

Support Levels

• S1 1.31699
• S2 1.30572
• S3 1.30037
• S4 1.29494

Disclaimer: This publication of analysis is a form of marketing communication and does not represent any research or investment advice whatsoever. The content contained therein reflects the general views of our experts and is not related to the personal conditions, investment experiences, or financial situations of the readers. This analysis is also not intended to promote any independent investment body, and Exness is not obliged to prohibit any transactions before the release of the analysis. Readers should be cautious about the potential for losses that may occur. Exness South africa is not responsible for any losses that may arise from the use of this analysis.

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GBPUSD Still Showing SELL Potential, Held Back by Down Trendline

GBPUSD Analysis

Market Awaits US NFP Data

The USD has strengthened as market expectations for aggressive rate cuts by the Fed this month have eased. This week, the market’s focus has shifted to a series of economic reports, culminating in the US non-farm payrolls data on Friday.

Still Below the Trendline

When viewed on the H1 time frame, the price remains constrained below the down trendline. Today’s outlook is leaning toward a sell for GBPUSD, and confirmation can be sought near that trendline.

Prediction: WEAK GBPUSD

Resistance Levels

• R1 1.32500
• R2 1.32400
• R3 1.32200
• R4 1.32200

Support Levels

• S1 1.32063
• S2 1.30962
• S3 1.30400
• S4 1.29860

Disclaimer: This publication of analysis is a form of marketing communication and does not represent any research or investment advice whatsoever. The content contained therein reflects the general views of our experts and is not related to the personal conditions, investment experiences, or financial situations of the readers. This analysis is also not intended to promote any independent investment body, and Exness is not obliged to prohibit any transactions before the release of the analysis. Readers should be cautious about the potential for losses that may occur. XM broker south africa is not responsible for any losses that may arise from the use of this analysis.

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SELL Opportunity for GBPUSD: Triangle Pattern Observed

GBPUSD Analysis

USD Strengthens, Market Focuses on US NFP

The USD strengthened as market expectations for aggressive Fed rate cuts this month have diminished. This week, the market’s attention temporarily shifts to a series of data, culminating in the US non-farm payrolls report on Friday.

Minor Trendline Break Confirms Triangle

On the H1 time frame, the price is seen moving below a down trendline. A break below a minor trendline also confirms a triangle pattern. The bias today tends to favor a sell for GBPUSD.

Prediction: WEAK GBPUSD

Resistance Levels

• R1 1.32600
• R2 1.32400
• R3 1.32200
• R4 1.32000

Support Levels

• S1 1.32063
• S2 1.30962
• S3 1.30400
• S4 1.29860

Disclaimer: This publication of analysis is a form of marketing communication and does not represent any research or investment advice whatsoever. The content contained therein reflects the general views of our experts and is not related to the personal conditions, investment experiences, or financial situations of the readers. This analysis is also not intended to promote any independent investment body, and Exness is not obliged to prohibit any transactions before the release of the analysis. Readers should be cautious about the potential for losses that may occur. Exness South africa is not responsible for any losses that may arise from the use of this analysis.

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GBPUSD Remains SELL Potential, Intraday Bias Still Bearish

GBPUSD Analysis

US GDP Strengthens, Market Focus on PCE

The US GDP data for Q2 QoQ showed an increase from 1.4% to 3%, while weekly jobless claims decreased from 233,000 to 231,000. Today’s market attention shifts to the Core PCE Price Index data to gather inflation insights that could impact the Fed’s decision.

Continued Bearish Movement

Today’s intraday bias leans towards bearishness. A sell signal can be considered if the price enters the designated entry area.

Prediction: WEAK GBPUSD

Resistance Levels

• R1 1.32600
• R2 1.32400
• R3 1.32200
• R4 1.32000

Support Levels

• S1 1.32327
• S2 1.31312
• S3 1.30784
• S4 1.30236

Disclaimer: This publication of analysis is a form of marketing communication and does not represent any research or investment advice whatsoever. The content contained therein reflects the general views of our experts and is not related to the personal conditions, investment experiences, or financial situations of the readers. This analysis is also not intended to promote any independent investment body, and Exness is not obliged to prohibit any transactions before the release of the analysis. Readers should be cautious about the potential for losses that may occur. Exness South africa is not responsible for any losses that may arise from the use of this analysis.

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Check GBPUSD SELL Opportunity, Trendline Broken!

GBPUSD Analysis

USD Strengthens Ahead of Month-End

The USD has gained strength as the month-end approaches, recovering from its earlier dip to annual lows. The market is now awaiting economic data that could influence the pace of Fed’s interest rate cuts, such as the US GDP to be released tonight and the US Core PCE Price Index later this week.

Up Trendline Broken

The price has broken below the uptrend line seen on the H1 timeframe, making the intraday bias more bearish today. A sell signal can be sought if the price returns to the designated entry area.

Prediction: WEAK GBPUSD

Resistance Levels

• R1 1.33000
• R2 1.32500
• R3 1.32000
• R4 1.31500

Support Levels

• S1 1.32727
• S2 1.31718
• S3 1.31236
• S4 1.30754

Disclaimer: This publication of analysis is a form of marketing communication and does not represent any research or investment advice whatsoever. The content contained therein reflects the general views of our experts and is not related to the personal conditions, investment experiences, or financial situations of the readers. This analysis is also not intended to promote any independent investment body, and Exness is not obliged to prohibit any transactions before the release of the analysis. Readers should be cautious about the potential for losses that may occur. XM broker south africa is not responsible for any losses that may arise from the use of this analysis.

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GBPUSD BUY Opportunity Again, Correction to Trendline Area

GBPUSD Analysis

GBPUSD Reaches Highest Level in Two Years

The British pound strengthened against the USD, reaching its highest level in nearly two years as the dollar continues to weaken. Market participants are still awaiting this week’s economic data, particularly those related to inflation like the Core PCE Price Index, to gain insights into the extent of the Fed’s rate cut next month.

Correction to Up Trendline Area

The price has corrected to the up trendline area visible on the H1 timeframe. A buy signal can be sought in this trendline area.

Prediction: STRONG GBPUSD

Resistance Levels

• R1 1.31715
• R2 1.32966
• R3 1.33570
• R4 1.34162

Support Levels

• S1 1.30000
• S2 1.30500
• S3 1.31000
• S4 1.31500

Disclaimer: This publication of analysis is a form of marketing communication and does not represent any research or investment advice whatsoever. The content contained therein reflects the general views of our experts and is not related to the personal conditions, investment experiences, or financial situations of the readers. This analysis is also not intended to promote any independent investment body, and Exness is not obliged to prohibit any transactions before the release of the analysis. Readers should be cautious about the potential for losses that may occur. Exness South africa is not responsible for any losses that may arise from the use of this analysis.

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GBPUSD Poised for BUY, Still Moving Above Up Trendline

GBPUSD Analysis

Bank of England Likely to Delay Rate Cut

The Bank of England (BoE) is expected to be more cautious in cutting interest rates compared to other major central banks. BoE Governor, Andrew Bailey, mentioned that inflation remains the central concern for the BoE. He noted that it is still too early to declare that inflation is under control.

Still Above Up Trendline

Price remains stable, moving above the up trendline area visible on the H1 time frame. A buy signal can be sought if a correction occurs towards this trendline area.

Forecast: STRONG GBPUSD

Resistance Levels:

• R1: 1.31012
• R2: 1.32000
• R3: 1.32503
• R4: 1.33015

Support Levels:

• S1: 1.30000
• S2: 1.30500
• S3: 1.31000
• S4: 1.31500

Disclaimer: This publication of analysis is a form of marketing communication and does not represent any research or investment advice whatsoever. The content contained therein reflects the general views of our experts and is not related to the personal conditions, investment experiences, or financial situations of the readers. This analysis is also not intended to promote any independent investment body, and Exness is not obliged to prohibit any transactions before the release of the analysis. Readers should be cautious about the potential for losses that may occur. XM broker south africa is not responsible for any losses that may arise from the use of this analysis.

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GBPUSD Still Has BUY Potential, Remains Steady Above Up Trendline

GBPUSD Analysis

Powell Signals Green Light for Rate Cut

In his speech as the Fed chair at the Jackson Hole Symposium last Friday, Jerome Powell signaled a green light for a rate cut by the Fed in September. Currently, 72% of market participants believe the Fed will cut rates by 25 basis points, while the remaining expect a 50 basis point cut, according to the CME FedWatch Tool.

Stable Above Up Trendline

The price remains steadily above the up trendline area visible on the H1 time frame. A buy signal can be sought if there is a correction towards this trendline area.

Forecast: STRONG GBPUSD

Resistance Levels:

• R1: 1.31012
• R2: 1.32000
• R3: 1.32503
• R4: 1.33015

Support Levels:

• S1: 1.29000
• S2: 1.30000
• S3: 1.30500
• S4: 1.31000

Disclaimer: This publication of analysis is a form of marketing communication and does not represent any research or investment advice whatsoever. The content contained therein reflects the general views of our experts and is not related to the personal conditions, investment experiences, or financial situations of the readers. This analysis is also not intended to promote any independent investment body, and Exness is not obliged to prohibit any transactions before the release of the analysis. Readers should be cautious about the potential for losses that may occur. Exness South africa is not responsible for any losses that may arise from the use of this analysis.

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