The Latest Trends in GBP/USD and Crude Oil Prices Analysis

The Latest Trends in GBP/USD and Crude Oil Prices Analysis

The GBP/USD pair has experienced a recent downtrend, breaking below key support levels and testing the 1.2300 zone. However, there are signs of a potential recovery as the pair has started to move higher. On the 4-hour chart, GBP/USD has managed to surpass the 23.6% Fibonacci retracement level and also broke a bearish trend line with resistance at 1.2420. The immediate resistance is at 1.2450, with a key resistance zone at 1.2500. A clear move above 1.2500 could signal further upside potential, with a target towards 1.2650. On the downside, immediate support is at 1.2400, followed by major support at 1.2380. A break below 1.2380 could lead to a test of 1.2350, with strong support at 1.2300.

Crude oil prices have found support near the $81.50 zone after extending losses. The recent upside correction indicates a potential reversal in the price trend. It is essential to monitor the price action around the support level to determine the future direction of crude oil prices. A sustained move above the support zone could lead to further gains, while a breakdown below $81.50 might signal a continuation of the downtrend.

The US Durable Goods Orders for March 2024 are expected to increase by 1.5% compared to the previous month. Similarly, the US Durable Goods Orders excluding defense are forecasted to rise by 2.5%. These economic releases could have a significant impact on the currency market and the overall market sentiment. Traders and investors should closely monitor these releases to make informed trading decisions.

Technical Analysis

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