04 Jul, 2024
5 minutes
Daily Technical Analysis Jul 4th 2024
1. GBP/USD Analysis:
News Summary:
Analysts at Deutsche Bank said in a note that sterling traders may quickly move on to other topics if Britain's Labor Party secures a widely expected majority in Thursday's general election. The UK general election is unlikely to be a major market event. If polls show a Labor majority and the Conservatives as the second largest party, sterling traders will turn their attention to Sunday's second round of French parliamentary elections and UK mid-July data, which could determine whether the Bank of England rate cut in August.
Trend Analysis:
The GBP/USD H4 level rose and ran above the 48 hours moving average. In addition, the MACD double line and energy bar are expanding above the zero axis. The sell limit could be placed, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [1.2620]
Key Resistance Levels: [1.2850]
Pivot Points [1.2780]
2. Crude Oil Analysis:
News Summary:
Oil prices edged higher after the US Energy Information Administration reported that US crude oil and gasoline inventories fell more than expected last week, a positive sign of demand trends ahead of the July 4 Independence Day holiday. Oil inventories fell by 12.2 million barrels to 448.5 million barrels in the week ended June 28, below the 1.1 million barrels drop expected by institutional analysts, while automotive gasoline inventories fell by 2.2 million barrels.
Trend Analysis:
The H4 level of crude oil has climbed again and is far away from the 48 hours moving average. Moreover, the MACD double line and energy column has shrunk above the zero axis. The sell limit could be used, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [81.30]
Key Resistance Levels: [85.70]
Pivot Points [84.50]