In today’s Asian trading session, the British Pound experienced a slight depreciation, positioning itself just under the 1.2600 threshold against the US Dollar. This subtle movement in the forex market occurs on a day marked by a lack of significant economic data from both the UK and the United States. Such days often require investors to rely more heavily on market sentiment and less on data-driven strategies. It’s worth noting that during such times, some investors leverage advanced tools to enhance their decision-making processes. Remarkably, users of a specific AI forecasting technology have reportedly managed the market’s unpredictability on autopilot and realized a 34% return on investment within just 24 hours. Learn more about this AI tool.
Technical analysis
Time Frame: 1 hour
GBPUSD Support & Resistance Table – 07/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 1.2601 | Daily R2 |
| Resistance 1 | 1.2577 | Daily R1 |
| Support 1 | 1.2515 | Daily S1 |
| Support 2 | 1.2491 | Daily S2 |
GBPUSD Indicator Table – 07/05/2024
| Indicator | Signal |
| SMA 20 | Sell |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Buy |
| RSI (14) | Sell |
| Stochastic ( 9;6;3) | Sell |
GBPUSD Indicator / Period Table – 07/05/2024
| Indicator / Period | Day – Sell | Week – Sell | Month – Sell |
| MACD( 12;26;9) | Buy | Sell | Sell |
| RSI (14) | Sell | Neutral | Neutral |
| SMA 20 | Sell | Sell | Sell |
GBPUSD 07/05/2024 – Reference Price : 1.2538
| SELL | Simple Moving AverageBuy (2)Sell (1)Technical Indicators – OscillatorsBuy (1)Sell (2) |
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