In today’s Asian trading session, the British Pound experienced an upward trajectory against the U.S. Dollar, positioning itself above the 1.2400 benchmark. This notable increase reflects market anticipation ahead of significant economic data releases scheduled for later in the day from both the United Kingdom and the United States.

The UK is poised to unveil its Month-on-Month GDP figures for February, a critical indicator that will provide insights into the economic health and growth momentum of the country. Concurrently, the U.S. is expected to release its Retail Sales data, a vital statistic that often serves as a barometer for consumer spending and overall economic activity in the States.

These impending reports have the potential to significantly sway market sentiment and currency valuations, as investors and traders gauge the strength of economic recoveries in both nations. Positive surprises in either set of data could reinforce strength in the corresponding currency, while weaker-than-expected results might trigger volatility and selling pressure.

In light of such pivotal economic announcements, advanced Artificial Intelligence (AI) technologies have become invaluable for traders. Notably, individuals utilizing this sophisticated AI have managed to adeptly predict market trends and harness opportunities, achieving over 34% Return on Investment within just the last 24 hours. This AI-driven approach allows traders to operate on autopilot, adeptly navigating the complexities of the forex market with precision and efficiency.

As today unfolds, the financial markets remain on high alert, with participants keenly watching for these economic releases to inform their trading strategies. The ability to quickly interpret and act upon economic data will be crucial, highlighting the growing importance of leveraging technological advancements like AI in modern trading environments.

Technical analysis

Pound - US Dollar Analysis Technical analysis 15/04/2024

Time Frame: 1 hour

GBPUSD Support & Resistance Table – 15/04/2024

Support & ResistanceLevelExplanation
Resistance 21.2528Daily R2
Resistance 11.2501Daily R1
Support 11.2431Daily S1
Support 21.2404Daily S2

GBPUSD Indicator Table – 15/04/2024

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

GBPUSD Indicator / Period Table – 15/04/2024

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

GBPUSD 15/04/2024 – Reference Price : 1.2461

SELLSimple Moving AverageBuy (0)Sell (3)Technical Indicators – OscillatorsBuy (1)Sell (1)

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