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GBP/USD Holds Firm at 1.2750; Nasdaq Soars on Apple Surge; WTI Stable at $78 on Positive EIA Demand Forecast

By Research Team Wednesday, Jun 12, 2024

    • 11.30amD1
    • High1.2751
    • Low1.2732
    • Close1.2741

GBP/USD is trading at 1.2741, 0.07% up since previous day close. The GBP/USD pair is still neutrally oriented when seen from a daily chart perspective. It is currently stabilizing at 1.2687–1.2750 in advance of the Federal Reserve’s monetary policy decision on Wednesday. As sellers gain traction, the Relative Strength Index (RSI) indicates that buying pressure is diminishing. The GBP/USD might therefore drop below this week’s low of 1.2687 This would be followed by a decline to 1.2600 at the confluence of the 100-day moving average.

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Intra Day
Near Day

Technical Levels

R3 1.2881
R2 1.2826
R1 1.2772
Turnaround 1.2700
S1 1.2696
S2 1.2643
S3 1.2573
By Research Team Wednesday, Jun 12, 2024

    • 11.35amD1
    • High19254.00
    • Low19212.00
    • Close19229.00

US100 is trading at 19245. 0.11% up since previous day close. Tuesday saw record closing highs for the S&P 500 and Nasdaq, bolstered by a gain of almost 7% in Apple shares. Investors were also awaiting consumer pricing data and a Federal Reserve policy statement. The US100 has been rising for more than a week. An impending Fed announcement could push the rise even more. The closest support is 18945, which is a long way from the current trend view. However yesterday market gain so today can retrace some points.

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Intra Day
Near Day

Technical Levels

R3 19900.00
R2 19800.00
R1 19330.00
Turnaround 18950.00
S1 18897.00
S2 18460.00
S3 18200.00
By Research Team Wednesday, Jun 12, 2024

    • 11.40amD1
    • High78.66
    • Low78.12
    • Close78.61

WTI is trading at 78.56, 0.47% up since previous day close. The U.S. Energy Information Administration and OPEC both expressed optimism about global demand, which helped drive up oil prices on Wednesday. Industry data also indicated that U.S. crude oil stockpiles decreased more than anticipated last week.  following US energy figures that indicate a surge in oil demand WTI is still in the green mode, with a potential rally touch of resistance 80-82 and further support 77.00-75.50.

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Intra Day
Near Day

Technical Levels

R3 82.00
R2 81.78
R1 79.98
Turnaround 78.00
S1 76.96
S2 75.25
S3 73.72

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