08 Jul, 2024
5 minutes
Daily Technical Analysis Jul 8th 2024
1. GBP/USD Analysis:
News Summary:
After the news of the British Labor Party's election victory was announced, the market's initial reaction was cautiously optimistic. The FTSE 100 edged up 0.35%, while the FTSE MidCap index rose 1.6% to reach its highest level since April 2022. In particular, housebuilder stocks led the gains, showing the market's positive response to Labor policies. However, the UK 10-year government bond yield fell slightly to 4.17%, reflecting that investor remained cautious amid optimistic expectations.
Trend Analysis:
We can see GBP/USD H4 level rises again and runs above the 48 hours moving average. However, the MACD double line and energy bar has formed top divergence above the zero axis. The sell limit could be placed, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [1.2710]
Key Resistance Levels: [1.2890]
Pivot Points [1.2850]
2. Crude Oil Analysis:
News Summary:
The crude oil market went through a series of dynamic changes last week that ended with oil prices closing lower. Despite concerns about strong summer fuel demand and supply disruptions from potential hurricanes in the Gulf of Mexico, positive progress in ceasefire talks in Gaza outweighed these factors, keeping oil prices under pressure. In addition, thin trading due to the US Independence Day holiday and natural disasters caused by Category 2 Hurricane Beryl making landfall in Mexico also had a certain impact on market sentiment.
Trend Analysis:
We can see crude oil fell back from its high level and ran below the 48 hours moving average. On the other hand, the MACD double line and energy column expanded downward near the zero axis. The sell limit could be used, stop loss is mandatory.
Today's Key Price Levels:
Key Support Levels: [80.90]
Key Resistance Levels: [85.30]
Pivot Points [84.00]