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
Time Frame: 1 hour
GBPUSD Support & Resistance Table – 12/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 1.2601 | Daily R2 |
| Resistance 1 | 1.2574 | Daily R1 |
| Support 1 | 1.2504 | Daily S1 |
| Support 2 | 1.2477 | Daily S2 |
GBPUSD Indicator Table – 12/04/2024
| Indicator | Signal |
| SMA 20 | Sell |
| SMA 50 | Sell |
| SMA 100 | Sell |
| MACD( 12;26;9) | Sell |
| RSI (14) | Sell |
| Stochastic ( 9;6;3) | Sell |
GBPUSD Indicator / Period Table – 12/04/2024
| Indicator / Period | Day – Sell | Week – Sell | Month – Sell |
| MACD( 12;26;9) | Sell | Sell | Sell |
| RSI (14) | Sell | Neutral | Neutral |
| SMA 20 | Sell | Buy | Sell |
GBPUSD 12/04/2024 – Reference Price : 1.2537
| SELL | Simple Moving AverageBuy (0)Sell (3)Technical Indicators – OscillatorsBuy (0)Sell (3) |
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