The Financial Market Update and Technical Analysis

The Financial Market Update and Technical Analysis

The GBP/USD pair has seen a decent increase above the 1.2800 resistance level, showing signs of a bullish trend. On the 4-hour chart, there is a major bullish trend line forming with support at 1.2790, indicating a positive outlook for the pair. Following a correction from a high of 1.2893, the pair is now attempting a fresh increase, trading above the 1.2780 level. With resistance levels at 1.2820, 1.2840, and 1.2880, a close above the 1.2880 zone could lead to further upsides. On the downside, immediate support is at 1.2780, with major support at 1.2740. A break below 1.2740 could push the pair towards the 1.2650 support.

Gold prices have also been on the rise, with a strong increase above the $2,150 resistance level. The bulls are now targeting a move towards $2,250, indicating further upside potential for the precious metal.

Bitcoin price is showing signs of setting up for more upsides, with the possibility of breaking above $73,000. The cryptocurrency market is closely watching for potential bullish movements in the near future.

The US Initial Jobless Claims forecast stands at 218K, with a previous figure of 217K. Additionally, the US Retail Sales for February 2024 (MoM) forecast is at +0.1%, compared to a previous figure of -0.4%. These economic releases are expected to have an impact on the financial market and may influence the direction of various asset classes.

Overall, the financial market is showing signs of strength, with various assets such as the GBP/USD pair, gold, and Bitcoin indicating potential for further gains. Economic releases and market sentiment are crucial factors to watch out for in order to make informed trading decisions. Stay updated with the latest developments to navigate the market effectively.

Technical Analysis

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