GBPUSD Forex Analysis for Today – Monday(05-02-2024)
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Prepare to SELL GBPUSD: Bearish Engulfing Pattern Detected
Daily Analysis GBPUSD
Dollar Strengthens Post NFP
The dollar index strengthens to a seven-week high after the US non-farm payrolls data showed growth in January, exceeding expectations, further reducing the likelihood of the Fed cutting interest rates in the near future.
Bearish Engulfing Pattern Observed
The H1 candlestick shows a bearish engulfing pattern, thereby increasing the potential for bearish movement today. Look for selling opportunities in the resistance area.
Prediction: WEAK GBPUSD
Resistance
- R1: 1.26746
- R2: 1.26234
- R3: 1.26924
- R4: 1.27247
Support
- S1: 1.26234
- S2: 1.26746
- S3: 1.26041
- S4: 1.25772
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