Ultima MarketsMarket analysis: The US economy is full of vitality, while the British manufacturing industry is weak...

todayUltimaMarkets Bringing you 2024year 4month 3OfGBPUSDIn depth analysis.

Fundamental points

• britain3monthPMIdataRecently, the market has raised expectations for a rate cut by the Bank of England, but it is still expected that the Bank of England will2024year5The first interest rate cut in the month. Today in the UK3monthPMIThe data will clarify whether the economy is still in a downturn. If it falls below the previous or expected level, the Bank of England's expectation of interest rate cuts will increase, and the pressure on the depreciation of the pound will sharply increase.
• U.S.AISMStrong indexMonday American Society for Supply Management（ISM）Reported3The manufacturing intensity in the month exceeded expectations, leading to market expectations that the Federal Reserve's interest rate cut this year will be insufficient65One basis point, lower than the Federal Reserve's own predictions. In line with Powell's clear statement last week to maintain patience, the US dollar index remains in a strong trend.
  

technical analysis

Daily chart analysis

（GBPUSDDaily chart of, sourceUltima Markets MT4）

• Random oscillation indexYesterday, the index once again issued a bearish signal in the oversold area, indicating that the market is looking for bearish forces to enter, accelerating the decline in exchange rates.
• Lower support line: GBP in1.25076Repeatedly testing above the support line, it rebounded to near this price level again after fluctuating upwards. The exchange rate may be hindered from rebounding in the short term, but if it completely falls below this support line, the GBP/USD will begin a deep downward trend. On the contrary, there is still a possibility of a resurgence in the exchange rate.
  

1Hour chart analysis

（GBPUSDof1Hour chart, sourceUltima Markets MT4）

• Random oscillation indexThe indicator is about to send a bullish signal in the oversold area, which may form a bottom divergence structure, indicating that the short-term downward trend may be restrained.
• Downward channel lineThe exchange rate is currently in a period of volatile adjustment during the Asian session, approaching the online edge of the downward channel. The short-term depreciation of the pound will continue, but the short-term downside space may be limited.
  

Trading CentralHub Line Indicators

（GBPUSDof30Minute chart, sourceUltima Markets APP）

• according toUltima Markets APPInTradingCentralHub line indicators, central price range for the day1.2575，
• 1.2575Upward bullish, first goal1.2600Second objective1.2625
• 1.2575Under bearish, first target1.2525Second objective1.2500
  

Disclaimers

The comments, news, research, analysis, pricing, and other information contained in this article can only be considered as general market information and are provided solely to assist readers in understanding the market situation and do not constitute investment advice.Ultima MarketsReasonable measures have been taken to ensure the accuracy of the data, but the accuracy of the data cannot be guaranteed and can be changed at any time without notice.UltimaMarketsWe will not be responsible for any losses or losses (including but not limited to any loss of profits) that may arise from the direct or indirect use or reliance on such information.