Focus on GBPUSD today – 11th OCT 2024 

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the GBPUSD for OCT 11th, 2024. 

Key Takeaways 

• Data from the United States: On Thursday, the US dollar index strengthened in the short term, reaching a high of 103.18 due to higher-than-expected CPI data, but the number of initial jobless claims in the United States for the week ending October 5 was 258,000, higher than the previous value of 225,000, the highest since the week of August 5, 2023. The US dollar finally closed 0.02% yesterday at 102.86. 

• Key data from the United Kingdom: Since the last meeting of the Bank of England, the economic data in the United Kingdom has not deteriorated to the extent that a larger interest rate cut is required. However, the pound is in a state of continuous depreciation. If the economic data in August shows a clear positive trend today, the pound may have a rebound probability 

Technical Analysis 

Daily Chart Insights 

(GBPUSD Daily Price Chart, Source: Ultima Markets MT4) 

• Stochastic oscillator: The indicator enters the oversold area, and the fast line indicator shows signs of turning, suggesting that the short sentiment of the indicator has subsided, and the long and short forces are in the game stage. There is a probability of a reversal in the market. Be alert to when the indicator sends a long signal. 

• Support price: The exchange rate has been fluctuating around the black 65-day MA for five trading days and was still blocked at the high price of 1.3043 on July 17 yesterday. If the exchange rate still cannot effectively fall below the 1.300 integer mark today, there is a probability that the pound will rebound and appreciate. Be alert that the market price will form the right shoulder of the head and shoulders top. 

H1 Chart Insights 

(GBPUSD H1Price Chart, Source: Ultima Markets MT4) 

• MACD: The indicator repeatedly entangles below the 0 axis, suggesting that the current exchange rate trend is unclear. It is worth noting that the current column is shrinking again, and a long signal is about to be issued. If the long signal occurs with the exchange rate breaking through the resistance, the pound may be dominated by an upward trend today. 

• False breakthrough: After the pound sterling oscillated to form a descending triangle, it broke through the support during the US trading session yesterday. The exchange rate currently shows signs of rising again during the Asian session. If the exchange rate clarifies that yesterday’s decline was a false breakthrough, the downward trend line may not be able to prevent the pound from rebounding. At that time, pay attention to the green 200-period MA above. 

Pivot Indicator 

(GBPUSD M30 Price Chart, Source: Ultima Markets APP) 

• According to the Ultima Markets APP, the central price of the day is established at 1.3080, 

• Bullish Scenario: Bullish sentiment prevails above 1.3080, first target 1.3095, second target 1.3110; 

• Bearish Outlook: In a bearish scenario below 1.3080, first target 1.3040, second target 1.3020. 

Conclusion 

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Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.