During today’s Asian market session, the British Pound experienced a slight depreciation against the US Dollar, with exchange rates falling beneath the 1.2600 mark. Investors are keenly focused on the forthcoming release of the UK’s unemployment rate data, which is a critical economic indicator that could potentially sway the GBP’s valuation. Simultaneously, the financial community is also awaiting the release of the Producer Price Index (PPI) data from the United States, which provides insights into the inflationary trends at the producer level and may influence future Federal Reserve policies.
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Technical analysis
Time Frame: 1 hour
GBPUSD Support & Resistance Table – 14/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 1.2592 | Daily R2 |
| Resistance 1 | 1.2576 | Daily R1 |
| Support 1 | 1.2530 | Daily S1 |
| Support 2 | 1.2514 | Daily S2 |
GBPUSD Indicator Table – 14/05/2024
| 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 – 14/05/2024
| 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 14/05/2024 – Reference Price : 1.2553
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (1)Sell (2) |
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