In today’s Asian market session, the British Pound maintained its position against the US Dollar, consistently hovering around the 1.2600 mark. As the trading day unfolds, no significant economic announcements are expected from the UK, shifting the market’s focus across the Atlantic. Investors are particularly attuned to the United States, where the release of Initial Jobless Claims data is highly anticipated. This report could potentially influence currency fluctuations and trader sentiment.
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Technical analysis
Time Frame: 1 hour
GBPUSD Support & Resistance Table – 16/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 1.2733 | Daily R2 |
| Resistance 1 | 1.2711 | Daily R1 |
| Support 1 | 1.2653 | Daily S1 |
| Support 2 | 1.2631 | Daily S2 |
GBPUSD Indicator Table – 16/05/2024
| 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 – 16/05/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Buy | Sell | Sell |
| RSI (14) | Sell | Neutral | Neutral |
| SMA 20 | Buy | Buy | Buy |
GBPUSD 16/05/2024 – Reference Price : 1.2682
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (1)Sell (2) |
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