📰 UK Employment Data: Strong wage growth keeps inflation high, supporting the pound. Today's unemployment rate (4.1%) may add momentum.
💬 US Dollar Index (USDX): Strong non-farm payroll data suggests a smaller rate cut by the Federal Reserve. This week's CPI data and the Fed meeting are crucial. A dovish Federal Reserve could pressure the dollar.
🔍Technical Analysis Highlights:
• Stochastic Oscillator: Bearish signals near the overbought zone on the daily chart suggest a short-selling opportunity soon. However, the 4-hour chart shows bullish signals, indicating a short-term rise to the 65-day moving average.
• Support Levels: On the daily chart, support is near the 33-day moving average; a rebound is likely unless a breakout occurs.
• Oscillation Range: The 4-hour chart shows the currency pair might extend its rise towards the 65-day moving average, aligning with the previous downward channel.
📍 Pivot Points:
• Central Price: 1.2716
• Bullish Scenario: Above 1.2716, targeting 1.2756 and 1.2767
• Bearish Outlook: Below 1.2716, targeting 1.2697 and 1.2686
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