Daily Technical Analysis Jul 11th 2024

1. GBP/USD Analysis:
News Summary:
Sterling rose to new intraday highs against major currencies on Wednesday. Previously, the chief economist of the Bank of England said that the Monetary Policy Committee is paying attention to the persistence of inflation, and some indicators show the risk of upward inflation. Price increases in services and wage growth continue to suggest underlying inflation dynamics are disturbingly strong. Subsequently, investors reduced their bets on a rate cut by the BOE, believing that the probability of a rate cut in August was less than 50%.

Trend Analysis:
We can see GBP/USD has risen sharply and is running above the 48 hours moving average on H4 chart. In addition, the MACD double line and energy column are forming top divergence above the zero axis. The sell limit could be used, stop loss is necessary.

Today's Key Price Levels:
Key Support Levels: [1.2750]
Key Resistance Levels: [1.2930]
Pivot Points [1.2890]
2. Gold Analysis:

News Summary:
Gold is growing in popularity in Central and Eastern Europe as countries seek to diversify their reserves, with some even considering gold as a way to protect their economies from geopolitical instability. The Central Bank of Serbia purchased 5 tons of gold last week, bringing its gold holdings to 46.5 tons, a move that Serbian President said strengthened the financial security of the Balkan country. Citigroup said central banks are unlikely to lose interest in gold despite the recent reduction in purchases.

Trend Analysis:
We can see gold H4 level fluctuated and fell back and ran above the 48 hours moving average. On the other hand, the MACD double line and energy bar continued to converge near the zero axis. The buy limit could be placed, stop loss is mandatory.

Today's Key Price Levels:
Key Support Levels: [2357]
Key Resistance Levels: [2400]
Pivot Points [2370]