Daily Technical Analysis February 5th 2024

1. GBP/USD Analysis:

News Summary:

The Bank of England used the latest economic forecasts to send a message that cutting interest rate would not be too aggressive. The current question has shifted from how restrictive interest rate will be to how long restrictive interest rate levels will remain. The market may enter full rebound mode in the second quarter of 2024, when CPI is expected to temporarily fall below 2.0%.

Trend Analysis:

We can see GBP/USD broke down and returned below the 48 hours moving average on H4 chart. The MACD double line and the energy column formed a dead cross near the zero axis and then spread. Based on short term technical structure, buy limit could be used, stop loss is mandatory.

Today's Key Price Levels:

Key Support Levels: [1.2500]

Key Resistance Levels: [1.2700]

Pivot Points [1.2560]

2. Gold Analysis:

News Summary:

Last Friday, after the US nonfarm payroll report was released, gold plunged nearly $30. Now, the market has turned its focus to important data and events in the coming week. Major economic reports from around the world and speeches by Federal Reserve officials will become the focus. However, the real trigger for market volatility may be revisions to the US CPI, which could reinforce or shatter expectation for rate cut.

Trend Analysis:

We can see gold surged higher and then fell back, running near the 48 hours moving average. In addition, the MACD double line and the energy column began to expand downward. Due to the influence of various fundamental factors, gold may experience greater fluctuations in the new month. The sell limit can be placed, stop loss is necessary.

Today's Key Price Levels:

Key Support Levels: [2010]

Key Resistance Levels: [2050]

Pivot Points [2040]

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