GBPUSD Forex Analysis for Today, Wednesday (15-05-2024)
Look for SELL: GBPUSD Still Held by Resistance
GBPUSD Analysis
Market Focus on US Inflation Data
After US PPI data rose beyond expectations, the market’s focus is now on the upcoming US CPI data release, which also has a chance of exceeding estimates. If it does, it will give the Fed reason to delay interest rate cuts until September, supporting the USD.
Price Still Testing Resistance
Prices are still held at the resistance area visible in the H4 time frame. Sell opportunities can be sought in this resistance area.
Prediction: WEAK GBPUSD
Resistance
- R1 1.26485
- R2 1.25676
- R3 1.26926
- R4 1.27464
Support
- S1 1.25676
- S2 1.26485
- S3 1.25284
- S4 1.24764
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