10 Oct, 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:
The data showed that the gap between UK and German bond yields has widened to a 13-month high of 194 basis points amid uncertainty over the UK's outlook. The UK's pace of interest rate cuts and government spending plans could impact the economy. Fiscal and monetary policy uncertainty has severely affected the pound exchange rate. Separately, a survey of accountants showed that UK business confidence fell due to concerns about the impact of taxes on investment.
Trend Analysis:
We can see GBP/USD is consolidating at a low level and running below the 48 hours moving average on H4 chart. In addition, the MACD double line and energy column begin to expand below the zero axis. The buy limit could be placed, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [1.3000]
Key Resistance Levels: [1.3200]
Pivot Points [1.3030]
2. Crude Oil Analysis:
News Summary:
Data from the American Petroleum Institute showed that US crude oil inventories surged by nearly 11 million barrels, much higher than expected. The US Energy Information Administration lowered its oil demand growth forecast for 2025 to 1.2 million barrels per day, citing a weakening global economic outlook. Geopolitical risk premiums in the oil market have declined slightly this week, with perceived risks receding after last week's spike in crude oil implied volatility and options market activity due to conflict in the Middle East.
Trend Analysis:
We can see crude oil H4 level bottomed out and returned to near the 48 hours moving average. On the other hand, the MACD double line and energy bar converges near the zero axis. The buy limit could be used, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [71.80]
Key Resistance Levels: [77.00]
Pivot Points [72.60]