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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the GBPUSD for OCT 2, 2024.
Key Takeaways
Data supports the dollar: Geopolitical tensions in the Middle East boosted safe-haven demand, while data showed that the U.S. labor market was resilient. Therefore, under the dual support, the U.S. dollar index rose for the second consecutive trading day, reaching a new high in more than two weeks.
Employment data: The final value of the UK’s second-quarter GDP data was unexpectedly revised down to 0.7%, so the rise of the pound was blocked in the short term. However, the currency trend this week is determined by the U.S. employment data, such as today’s ADP data and Friday’s U.S. non-farm payrolls report.
Technical Analysis
Daily Chart Insights
(GBPUSD Daily Price Chart, Source: Ultima Markets MT4)
(GBPUSD Daily Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The pound fell strongly yesterday, and the indicator sent a short signal in the overbought area, suggesting that the current downward trend is coming. Investors should pay attention to the opportunity to shorten the trend during the day.
Support price: GBP/USD fell below the key support of 1.3315 yesterday, which was the opening price of the previous OB (Oder Block). Therefore, the short force clearly has the upper hand during the day and is currently blocked near the previous long-short conversion price. If it continues to fall below, the target position below will be near the red 33-day MA.
1-hour Chart Analysis
(GBPUSD H1 Price Chart, Source: Ultima Markets MT4)
(GBPUSD H1 Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The indicator showed a rebound signal during yesterday’s US trading session, and the oversold area sent a bullish signal. Since the current fast and slow lines are about to approach the median line, the rebound trend may be blocked during the Asian session.
Fibonacci retracement level: In theory, when a strong trend retraces, the target price of the retracement is usually Fibonacci 38.2%. It is worth noting that if the exchange rate continues to rebound, the 50% retracement level may become the final target of the rebound, because the price is also near the previous long-short conversion line.
Pivot Indicator
(GBPUSD M30 Price Chart, Source: Ultima Markets APP)
(GBPUSD M30 Price Chart, Source: Ultima Markets APP)
According to the trading central in Ultima Markets APP, the central price of the day is established at 1.3310,
Bullish Scenario: Bullish sentiment prevails above 1.3310, first target 1.3335, second target 1.3355;
Bearish Outlook: In a bearish scenario below 1.3310, first target 1.3240, second target 1.3220.
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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