Daily Technical Analysis Jul 19th 2024

1. GBP/USD Analysis:
News Summary:
The pound hit its highest level in a year, but for the pound to maintain this strength it will require more than just higher interest rates. Economic growth, inflation and government finances are the keys to further gains. British economic growth has begun to improve, and the IMF has raised its forecast for British economic growth this year from 0.5% to 0.7%. British inflation data also reduced the possibility of an interest rate cut in August. However, the ratio of UK public debt to GDP is expected to exceed 100%, leaving the government with little room to cut spending.

Trend Analysis:
We can see GBP/USD H4 level continues to fall and runs below the 48 hours moving average. In addition, the MACD double line and energy column expanded further downward. The sell limit could be placed, stop loss is necessary.

Today's Key Price Levels:
Key Support Levels: [1.2850]
Key Resistance Levels: [1.3000]
Pivot Points [1.2970]
2. Gold Analysis:

News Summary:
The gold prices have maintained an upward trend recently. This phenomenon is mainly affected by the rising market expectations for a US interest rate cut in September. Expectations of interest rate cuts have boosted demand for non-yielding gold, driving gold prices higher. From a fundamental perspective, the FED's monetary policy trends are undoubtedly the key factor affecting gold prices.

Trend Analysis:
We can see gold H4 fell from a high and came to the 48 hours moving average. On the other hand, the MACD double line and histogram bar expanded downward above the zero axis. The sell limit could be used, stop loss mandatory.

Today's Key Price Levels:
Key Support Levels: [2400]
Key Resistance Levels: [2457]
Pivot Points [2440]