In today’s early trading session in Asia, the British Pound experienced a slight decline, falling below the 1.2600 mark against the US Dollar. This movement comes as investors position themselves cautiously ahead of the forthcoming release of the UK’s GDP figures for February, eagerly anticipated later in the day.

The forthcoming economic data is critical as it provides insights into the economic health of the UK and potential future monetary policy directions. While the United States has no significant economic data releases scheduled for today, the focus remains intently on the UK’s financial health, which could sway market sentiments significantly.

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As the day progresses, the financial community will be watching closely to see how the Pound reacts post-data release. The anticipation surrounding the UK’s GDP figures highlights the critical role such data plays in shaping market dynamics, influencing currency strengths, and guiding investment decisions.

Technical analysis

Pound - US Dollar Analysis Technical analysis 12/04/2024

Time Frame: 1 hour

GBPUSD Support & Resistance Table – 12/04/2024

Support & ResistanceLevelExplanation
Resistance 21.2601Daily R2
Resistance 11.2574Daily R1
Support 11.2504Daily S1
Support 21.2477Daily S2

GBPUSD Indicator Table – 12/04/2024

SMA 20Sell
SMA 50Sell
SMA 100Sell
MACD( 12;26;9)Sell
RSI (14)Sell
Stochastic ( 9;6;3)Sell

GBPUSD Indicator / Period Table – 12/04/2024

Indicator / PeriodDay – SellWeek – SellMonth – Sell
MACD( 12;26;9)SellSellSell
RSI (14)SellNeutralNeutral
SMA 20SellBuySell

GBPUSD 12/04/2024 – Reference Price : 1.2537

SELLSimple Moving AverageBuy (0)Sell (3)Technical Indicators – OscillatorsBuy (0)Sell (3)

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