GBPUSD Forex Analysis for Today – Monday(11-03-2024)
Spotting SELL Opportunities for GBPUSD: Bearish Engulfing at Resistance
Daily GBPUSD Analysis
GBP Strengthens, UK Economy Improves
The British pound strengthens against most major currencies due to signs of improvement in the UK economy, allowing the BOE to maintain interest rates at high levels for the foreseeable future.
Bearish Engulfing at Resistance Area
A bearish engulfing pattern is observed in the resistance area on the H1 time frame. The sell scenario will fail if the resistance is breached.
Prediction: WEAK GBPUSD
Resistance
- R1 1.28990
- R2 1.28626
- R3 1.29222
- R4 1.29476
Support
- S1 1.28626
- S2 1.28990
- S3 1.28433
- S4 1.28054
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