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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the GBPUSD for FEB 7, 2025.
Fundamental Analysis of GBPUSD
GBPUSD Key Takeaways
Bank of England rate cut: The Bank of England cut interest rates by 25 basis points to 4.5%, but two of the nine members prefer a 50 basis point cut. The vote may reflect concerns about weak economic growth prospects.
NFP is to be released: Amid the stirring of new news on no tariffs, the market is pinning its hopes on Friday’s non-farm data. The mixed employment-related data released by the United States over the past week has made investors pay more attention to the US non-farm employment data in January. If the non-farm data, like ADP, shows that the US labor market is still expanding at a healthy pace, the US dollar index will remain strong.
Technical Analysis of GBPUSD Daily and Hourly Charts
GBPUSD Daily Chart Insights
(GBPUSD Daily Price Chart, Source: Ultima Markets MT4)
(GBPUSD Daily Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The indicator did not enter the overbought area and sent a short signal again. Therefore, the trend of the pound today is extremely critical. If it falls below yesterday’s low of 1.23617, there is a probability of continued decline.
Strong resistance area: This week, the pound rose to the black 65-day MA against the US dollar and then fell. This price is also near the previous 1.25172 market structure shift (MSS), so it is difficult for the exchange rate to break through this strong resistance price. On the contrary, if the exchange rate effectively stands above this price, the next target of the pound will be the green 200-day MA.
GBPUSD 1-hour Chart Analysis
(GBPUSD H1 Price Chart, Source: Ultima Markets MT4)
(GBPUSD H1 Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The indicator weakened along with the exchange rate during the Asian session, and is about to send a short signal. Based on the strong rebound in the US market yesterday, the rebound upward trend will be given priority during the Asian session today.
Rebound high: If GBP/USD continues to rebound, the first target will be the fair value gap, which is also near the black 65-period MA. If the exchange rate continues to break through the upper edge of the fair value gap, the second rebound target will be 1.24893.
Pivot Indicator Insights for GBPUSD
(GBPUSD M30 Price Chart, Source: Ultima Markets APP)
(GBPUSD M30 Price Chart, Source: Ultima Markets APP)
According to Pivot Indicator in Ultima Markets APP, the central price of the day is established at 1.2390,
Bullish Scenario: Bullish sentiment prevails above 1.2390, first target 1.2475, second target 1.2510;
Bearish Outlook: In a bearish scenario below 1.2390, first target 1.2360, second target 1.2335.
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