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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the GBPUSD for SEP 20, 2024.
Key Takeaways
BOE remained rates: The Bank of England voted 8 to 1 to keep the base rate unchanged at 5.00% and will cut its government bond holdings by 100 billion pounds in the next 12 months, the same as last year. The vote shows that recent data on inflation below expectations and the weak recovery of the UK economy have not yet convinced officials that the threat of consumer prices has been fully contained.
High inflation in the UK service sector: Since the beginning of this year, the UK’s inflation rate has been gradually slowing down, and the UK’s service sector inflation rate has remained high, which is one of the focuses of the Bank of England’s Monetary Policy Committee. Interest rate futures prices show that the Bank of England will cut interest rates by 42 basis points before the end of the year, and the market is pricing in a 66% probability of a rate cut by the Bank of England in November.
Technical Analysis
Daily Chart Insights
(GBPUSD Daily Price Chart, Source: Ultima Markets MT4)
(GBPUSD Daily Price Chart, Source: Ultima Markets MT4)
MACD: The momentum column is gradually increasing, and the indicator is about to send a bullish signal above the 0 axis, but it is necessary to be vigilant about the top divergence between the indicator and the exchange rate.
Price Action: The exchange rate formed a pin bar on Wednesday, and the fluctuation yesterday reached about 160 points, but it still did not break through the high point of the previous day’s pin bar. It is still in the pregnancy line pattern. If the exchange rate can break through the pin bar high today, it is worth paying attention to the long opportunity. Otherwise, the exchange rate may reverse downward at any time.
H1 Chart Insights
(GBPUSD H1 Price Chart, Source: Ultima Markets MT4)
(GBPUSD H1 Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The exchange rate turned upward and sent a long signal before adjusting to the 50 median line. This suggests that the current long and short forces are unclear, and you cannot blindly look long or short. You need to pay attention to the price performance of key prices.
Key price: The moving average group is in the upward stage, and the opening is slowly expanding. Pay attention to the long trend during the day. 1.32982 is the key resistance level in the early stage. The exchange rate cannot blindly go long before it effectively stands on this resistance.
Pivot Indicator
(GBPUSD M30 Price Chart, Source: Ultima Markets APP)
(GBPUSD M30 Price Chart, Source: Ultima Markets APP)
According to the Ultima Markets APP, the central price of the day is established at 1.3240,
Bullish Scenario: Bullish sentiment prevails above 1.3240, first target 1.3310, second target 1.3340;
Bearish Outlook: In a bearish scenario below 1.3240, first target 1.3215, second target 1.3190.
Conclusion
To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey.
For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets.
Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets.
Stay tuned for more updates and analyses from our team of experts at Ultima Markets.
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