Welcome to our daily technical analysis of the financial markets, focusing today on GBP/USD and Crude Oil. Let's dissect the latest news, market trends, and crucial price levels to watch out for.
1. GBP/USD Analysis:
News Summary:
A business survey released on Thursday showed that the UK economy is growing at its weakest pace this year. This is clearly disappointing for markets and will not inspire much confidence ahead of next week's budget statement. Clear signs of an economic slowdown will cause concern among officials in the Labor government and the Bank of England. The latter may start to consider cutting interest rates sooner. The IMF now expects the UK economy to grow by 1.1% this year, up from the 0.7% forecast in July. The agency also reiterated its forecast for growth of 1.5% in 2025.
Trend Analysis:
We can see GBP/USD H4 level bottomed out and returned to the 48 hours moving average. In addition, the MACD double line and energy bar expands below the zero axis. The sell limit could be used, stop loss necessary.
Today's Key Price Levels:
Key Support Levels: [1.2870]
Key Resistance Levels: [1.3030]
Pivot Points [1.3000]
2. Crude Oil Analysis:
News Summary:
Geopolitical concerns are driving oil prices higher, especially rising tensions between Israel and Hezbollah and rumors of a conflict between Russia and Ukraine. The developments have reignited fears of supply disruptions, particularly in the Middle East, a key region for global oil flows. This geopolitical uncertainty, combined with concerns about possible policy shifts ahead of the U.S. presidential election, has created unrest.
Trend Analysis:
We can see crude oil encountered resistance and fell back and returned to the 48 hours moving average. On the other hand, the MACD double line and energy column expand near the zero axis. The sell limit could be placed, stop loss is compulsory.
Today's Key Price Levels:
Key Support Levels: [67.30]
Key Resistance Levels: [73.20]
Pivot Points [72.00]
