In the latest developments from the Asian trading session, the British Pound saw a slight increase over the US Dollar, positioning itself above the 1.2600 mark.
Looking ahead, the focus shifts towards the United Kingdom as it is scheduled to reveal its Services Purchasing Managers’ Index (PMI) data. Concurrently, the United States is poised to announce its Initial Jobless Claims statistics. These economic indicators are crucial for investors as they provide insight into the service sector’s performance in the UK and employment trends in the US, respectively. Such information is instrumental in shaping market sentiment and influencing currency valuation.
This illustrates not only the dynamic interplay between significant economic announcements and their impact on the forex market but also highlights the transformative potential of AI in financial investments. For the lay investor, this revelation offers a clearer pathway to grasping market movements and the opportunities they present for substantial economic gains.
Technical analysis
Time Frame: 1 hour
GBPUSD Support & Resistance Table – 04/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 1.2700 | Daily R2 |
| Resistance 1 | 1.2681 | Daily R1 |
| Support 1 | 1.2633 | Daily S1 |
| Support 2 | 1.2614 | Daily S2 |
GBPUSD Indicator Table – 04/04/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Sell |
| MACD( 12;26;9) | Neutral |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Buy |
GBPUSD Indicator / Period Table – 04/04/2024
| Indicator / Period | Day – Buy | Week – Sell | Month – Sell |
| MACD( 12;26;9) | Neutral | Buy | Sell |
| RSI (14) | Buy | Neutral | Neutral |
| SMA 20 | Buy | Sell | Sell |
GBPUSD 04/04/2024 – Reference Price : 1.2657
| BUY | Simple Moving AverageBuy (2)Sell (1)Technical Indicators – OscillatorsBuy (2)Sell (0) |
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