Daily Technical Analysis Jun 6th 2024

1. GBP/USD Analysis:
News Summary:
Standard & Poor's pointed out that in May, UK manufacturing output grew at the fastest rate since April 2022. This recovery is universal and includes many manufacturing industries and companies of various sizes. Meanwhile, positive sentiment among UK manufacturers rose to its highest level since early 2022, with 63% expecting output to continue to expand in the coming year. In May, the expansion of the British manufacturing industry was mainly driven by the domestic market, and overseas market demand was also recovering steadily.

Trend Analysis:
We can see GBP/USD rebounded slightly and ran above the 48 hours moving average. On the other hand, the MACD double line and histogram bar expanded after the golden cross. In short term, the sell limit could be employed, stop loss is mandatory.

Today's Key Price Levels:
Key Support Levels: [1.2720]
Key Resistance Levels: [1.2870]
Pivot Points [1.2830]
2. Crude Oil Analysis:

News Summary:
In the complex pattern of the global energy market, every fluctuation in crude oil prices affects the nerves of investors. Oil prices have hovered near four-month lows in recent days as the market digests OPEC+'s decision to increase supply later this year, while rising US crude and refined product inventories also have an impact on prices. OPEC+ recently announced that although demand growth is showing signs of slowing, the group still plans to increase supply starting in October.

Trend Analysis:
We can see the crude oil continued to rebound and began to approach the 48 hours moving average on H4 chart. In addition, the MACD double line and the energy column expanded the golden cross below the zero axis. The buy limit could be arranged, stop loss is necessary.

Today's Key Price Levels:
Key Support Levels: [72.30]
Key Resistance Levels: [77.50]
Pivot Points [73.00]