Technical Analysis
GBPUSD have big potential to sell around 1.08995. This particular area have big resistance or rejection from the previous level higher time frame, it means lots of buyers took profit and sellers decided to involve in. Based on volume indicator the momentum for buyer is weakening. Target price at 1.08620
Fundamental Analysis
The US economic condition yesterday, August 16, 2023, was mixed. On the positive side, the initial jobless claims fell to 240,000, the lowest level since January 2020. This suggests that the labor market remains strong. However, on the negative side, the Philadelphia Fed manufacturing survey fell to -13.5, its lowest level since May 2020. This suggests that manufacturing activity is slowing. Overall, the US economy is still growing, but at a slower pace than in recent months.
DISCLAIMER:The information on this analysis is based on research and experience, and it is not guaranteed to be accurate or complete
