GBPUSD H4 Technical and Fundamental Analysis for 01.07.2024
Time Zone: GMT +3
Time Frame: 4 Hours (H4)
Fundamental Analysis:
The GBP/USD pair has been under pressure due to a stronger US dollar, bolstered by positive economic data and expectations for the upcoming Final Manufacturing PMI and ISM Manufacturing PMI. The UK's economic outlook remains uncertain, with concerns over inflation and slower-than-expected economic growth. The Bank of England's monetary policy, coupled with broader macroeconomic factors and Brexit-related uncertainties, continues to impact the GBP negatively. The Federal Reserve's hawkish stance has reinforced the USD's resilience, adding further pressure on the GBP.
Technical Analysis:
The H4 chart for GBP/USD shows a bearish trend, with the price moving below the Ichimoku Cloud, indicating strong resistance and prevailing bearish momentum. The RSI is at 50.63, suggesting neutral to slightly bearish conditions without overbought or oversold signals. Immediate support levels are at 1.26314 and 1.25670, while resistance levels are at 1.26538 and 1.26850. A break below 1.26314 could lead to further declines, whereas a break above 1.26538 might challenge the bearish trend but would need to surpass significant resistance at 1.26850. Traders should closely monitor economic data releases and manage risks appropriately due to current market volatility.
Disclaimer: The provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions.
FXGlory
01.07.2024
Time Zone: GMT +3
Time Frame: 4 Hours (H4)
Fundamental Analysis:
The GBP/USD pair has been under pressure due to a stronger US dollar, bolstered by positive economic data and expectations for the upcoming Final Manufacturing PMI and ISM Manufacturing PMI. The UK's economic outlook remains uncertain, with concerns over inflation and slower-than-expected economic growth. The Bank of England's monetary policy, coupled with broader macroeconomic factors and Brexit-related uncertainties, continues to impact the GBP negatively. The Federal Reserve's hawkish stance has reinforced the USD's resilience, adding further pressure on the GBP.
Technical Analysis:
The H4 chart for GBP/USD shows a bearish trend, with the price moving below the Ichimoku Cloud, indicating strong resistance and prevailing bearish momentum. The RSI is at 50.63, suggesting neutral to slightly bearish conditions without overbought or oversold signals. Immediate support levels are at 1.26314 and 1.25670, while resistance levels are at 1.26538 and 1.26850. A break below 1.26314 could lead to further declines, whereas a break above 1.26538 might challenge the bearish trend but would need to surpass significant resistance at 1.26850. Traders should closely monitor economic data releases and manage risks appropriately due to current market volatility.
Disclaimer: The provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions.
FXGlory
01.07.2024