Daily Technical Analysis January 29th 2024

1. GBP/USD Analysis:

News Summary:

After the UK service industry PMI rose to 53.8, the index was well above the 50 boom-bust line, which undoubtedly increased the possibility of better development for the British economy in the coming months and reduced the pressure on the Bank of England to cut interest rates significantly soon. If the PMI index continues to be good, it will eventually be reflected in the economic data, and the pound will benefit more.

Trend Analysis:

We can see GBP/USD fell after failing to break through and returned to the 48 hours moving average on H4 chart. The MACD double line and the energy column pulled back again near the zero axis. In short term, the buy limit could be used, stop loss is necessary.

Today's Key Price Levels:

Key Support Levels: [1.2600]

Key Resistance Levels: [1.2800]

Pivot Points [1.2670]

2. USD/JPY Analysis:

News Summary:

The minutes of the Bank of Japan's December monetary policy meeting showed that policymakers actively discussed the conditions for phasing out stimulus measures last month, indicating that they are preparing to exit negative interest rates in the short term. It is necessary to continue discussion on issues such as the timing of exiting the current ultra-loose monetary policy and the appropriate pace of interest rate increases thereafter.

Trend Analysis:

We can see USD/JPY continues to rebound and reaches the 48 hours moving average. In addition, the MACD histogram bar and double line spread above the zero axis. Therefore, the buy limit can be placed, stop loss is compulsory.

Today's Key Price Levels:

Key Support Levels: [146.40]

Key Resistance Levels: [149.80]

Pivot Points [148.70]

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