In today’s Asian trading session, the British Pound experienced a downturn against the US Dollar, falling beneath the 1.2600 mark. This shift reflects a cautious approach from investors in anticipation of upcoming economic indicators from the United States.
While the United Kingdom has not scheduled any significant economic releases for the day, all eyes are on the US, where the Consumer Confidence index is due to be published. This indicator is highly regarded as it sheds light on consumer sentiment and spending behaviors, which are crucial drivers of economic activity in the US.
A higher than expected Consumer Confidence reading could bolster the US Dollar by suggesting a robust economic outlook and potentially influencing the Federal Reserve’s policy decisions regarding interest rates. Conversely, a lower reading might weaken the Dollar, providing a lift to the Pound.
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Technical analysis
Time Frame: 1 hour
GBPUSD Support & Resistance Table – 30/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 1.2587 | Daily R2 |
| Resistance 1 | 1.2563 | Daily R1 |
| Support 1 | 1.2499 | Daily S1 |
| Support 2 | 1.2475 | Daily S2 |
GBPUSD Indicator Table – 30/04/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Buy |
| RSI (14) | Sell |
| Stochastic ( 9;6;3) | Sell |
GBPUSD Indicator / Period Table – 30/04/2024
| Indicator / Period | Day – Buy | Week – Sell | Month – Sell |
| MACD( 12;26;9) | Buy | Sell | Sell |
| RSI (14) | Sell | Neutral | Neutral |
| SMA 20 | Buy | Sell | Sell |
GBPUSD 30/04/2024 – Reference Price : 1.2530
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (1)Sell (2) |
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