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08 Nov, 2024
5 minutes

Daily Technical Analysis:GBP/USD、Crude Oil

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:
On November 7, the Bank of England announced an interest rate cut of 25 basis points, with the benchmark interest rate reduced from 5.0% to 4.75%. This is the second rate cut this cycle. The Bank of England said the UK budget will increase inflation by 0.5 percentage points and boost GDP growth by 0.75% over the next year. The BOE November interest rate decision encountered two opposing forces. On the one hand, inflation unexpectedly fell, and on the other hand, the UK autumn budget was more expansionary than expected.

Trend Analysis:
We can see GBP/USD continues to rebound and returns above the 48 hours moving average on H4 chart. In addition, the MACD double line and energy bar begins to converge near the zero axis. The sell limit could be placed, stop loss is necessary.

Today's Key Price Levels:
Key Support Levels: [1.2870]
Key Resistance Levels: [1.3040]
Pivot Points [1.3000]


2. Crude Oil Analysis:
News Summary:
Oil prices have been under pressure since the U.S. presidential election. A strong U.S. dollar holding near four-month highs continues to weigh on demand for crude oil as it makes crude more expensive for international buyers. On the supply side, potential geopolitical action is keeping investors cautious. Crude oil prices face a bearish outlook in the near term, and while potential sanctions and supply disruptions are providing some support, prices are likely to remain under pressure in the absence of significant bullish catalysts.

Trend Analysis:
We can see the crude oil fluctuated and fell, but it was still running above the 48 hours moving average. On the other hand, the MACD double line and the energy column has formed top divergence above the zero axis. The sell limit could be used, stop loss is mandatory.

Today's Key Price Levels:
Key Support Levels: [69.00]
Key Resistance Levels: [75.00]
Pivot Points [73.00]

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