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
Time Frame: 1 hour
GBPUSD Support & Resistance Table – 15/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 1.2528 | Daily R2 |
| Resistance 1 | 1.2501 | Daily R1 |
| Support 1 | 1.2431 | Daily S1 |
| Support 2 | 1.2404 | Daily S2 |
GBPUSD Indicator Table – 15/04/2024
| Indicator | Signal |
| SMA 20 | Sell |
| SMA 50 | Sell |
| SMA 100 | Sell |
| MACD( 12;26;9) | Sell |
| RSI (14) | Neutral |
| Stochastic ( 9;6;3) | Buy |
GBPUSD Indicator / Period Table – 15/04/2024
| Indicator / Period | Day – Sell | Week – Sell | Month – Sell |
| MACD( 12;26;9) | Sell | Sell | Sell |
| RSI (14) | Neutral | Sell | Neutral |
| SMA 20 | Sell | Sell | Sell |
GBPUSD 15/04/2024 – Reference Price : 1.2461
| SELL | Simple Moving AverageBuy (0)Sell (3)Technical Indicators – OscillatorsBuy (1)Sell (1) |
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