In today’s Asian trading session, the British Pound showed a modest gain against the US Dollar, maintaining levels above the 1.2400 mark. This movement highlights a cautious optimism in the market as traders position themselves ahead of upcoming economic announcements.
While the UK calendar remains clear with no significant economic data scheduled for release today, all eyes are on the United States where the Durable Goods Orders data is set to be published. This key indicator is closely watched as it provides insights into future manufacturing activity and can significantly influence market dynamics.
The anticipation of this data often leads to heightened market volatility. Investors and traders are keen to discern any signs that might dictate the momentum of the US economy, which in turn impacts currency valuations globally. In such scenarios, leveraging advanced Artificial Intelligence (AI) for market forecasting has proven to be a game-changer. Remarkably, users of one such AI system reported a 34% Return on Investment in just the last 24 hours, underscoring the technology’s capability to navigate and capitalize on quick shifts in the market landscape effectively.
Technical analysis
Time Frame: 1 hour
GBPUSD Support & Resistance Table – 24/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 1.2514 | Daily R2 |
| Resistance 1 | 1.2488 | Daily R1 |
| Support 1 | 1.2418 | Daily S1 |
| Support 2 | 1.2392 | Daily S2 |
GBPUSD Indicator Table – 24/04/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Sell |
| MACD( 12;26;9) | Sell |
| RSI (14) | Buy |
| Stochastic ( 9;6;3) | Buy |
GBPUSD Indicator / Period Table – 24/04/2024
| Indicator / Period | Day – Buy | Week – Sell | Month – Sell |
| MACD( 12;26;9) | Sell | Sell | Sell |
| RSI (14) | Buy | Sell | Sell |
| SMA 20 | Buy | Sell | Sell |
GBPUSD 24/04/2024 – Reference Price : 1.2452
| BUY | Simple Moving AverageBuy (2)Sell (1)Technical Indicators – OscillatorsBuy (2)Sell (1) |
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