GBP/USD Technical Analysis: Understanding the Impact of US Economic Data
Wednesday, 4 September 2024, 08:49
GBP/USD Technical Analysis
GBP/USD remains in focus as recent US economic data has reignited speculation surrounding potential rate cuts by the Federal Reserve.
Market Reactions
As the JOLTS Job Openings dropped to 7.6 million in July, there was an ensuing decline in USD strength, allowing GBP/USD to rise sharply.
- Key Support Levels: Traders are identifying crucial support at 1.1100.
- Resistance Points: Watch for 1.1200 as a significant resistance level.
Future Implications
Subsequent data releases may further influence GBP/USD movements, with forecasts indicating potential volatility ahead.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.