In today’s Asian market session, the British Pound experienced a slight decline against the US Dollar, with values dipping under the 1.2500 threshold. Investors are keenly awaiting the Bank of England’s decision on interest rates, which is set for later today. This event is crucial as it could significantly influence the Pound’s movement. Simultaneously, the financial markets are also looking towards the United States for the release of the Initial Jobless Claims data, which provides insights into the employment health of the economy and may impact monetary policy expectations.
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Technical analysis
Time Frame: 1 hour
GBPUSD Support & Resistance Table – 09/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 1.2537 | Daily R2 |
| Resistance 1 | 1.2516 | Daily R1 |
| Support 1 | 1.2462 | Daily S1 |
| Support 2 | 1.2441 | Daily S2 |
GBPUSD Indicator Table – 09/05/2024
| Indicator | Signal |
| SMA 20 | Sell |
| SMA 50 | Sell |
| SMA 100 | Buy |
| MACD( 12;26;9) | Sell |
| RSI (14) | Sell |
| Stochastic ( 9;6;3) | Sell |
GBPUSD Indicator / Period Table – 09/05/2024
| Indicator / Period | Day – Sell | Week – Sell | Month – Sell |
| MACD( 12;26;9) | Sell | Sell | Sell |
| RSI (14) | Sell | Neutral | Neutral |
| SMA 20 | Sell | Sell | Sell |
GBPUSD 09/05/2024 – Reference Price : 1.2487
| SELL | Simple Moving AverageBuy (1)Sell (2)Technical Indicators – OscillatorsBuy (0)Sell (3) |
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