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

Pound - US Dollar Analysis Technical analysis 24/04/2024

Time Frame: 1 hour

GBPUSD Support & Resistance Table – 24/04/2024

Support & ResistanceLevelExplanation
Resistance 21.2514Daily R2
Resistance 11.2488Daily R1
Support 11.2418Daily S1
Support 21.2392Daily S2

GBPUSD Indicator Table – 24/04/2024

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

GBPUSD Indicator / Period Table – 24/04/2024

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

GBPUSD 24/04/2024 – Reference Price : 1.2452

BUYSimple Moving AverageBuy (2)Sell (1)Technical Indicators – OscillatorsBuy (2)Sell (1)

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