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GBP/USD Faces Selling Pressure, US Stocks Rise on Fed Hopes, WTI Oil Flirts with Weekly Lows

By Research Team Friday, Mar 22, 2024
GBP/USD

    • 11:10D1
    • High1.26449
    • Low1.26344
    • Close1.26424

GBP/USD is trading at 1.26412, 0.10% down since previous day close. GBP/USD is trading lower to 1.2658 due to weaker USD and a dovish tilt by the Bank of England. The UK Retail Sales are due on Friday, forecasting a 0.3% fall in February. The BoE kept interest rates at 5.25%, while the Fed held the rate steady at 5.25–5.50%. Market players will focus on UK February Retail Sales and Fed Chair Jerome Powell and Michael Barr’s speech. As seen in the chart, the pair has been in a downtrend, Hence, downside moment is expected if breaches the support.

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Daily Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.2647
R2 1.2645
R1 1.2644
Turnaround 1.2642
S1 1.2641
S2 1.2640
S3 1.2638
By Research Team Friday, Mar 22, 2024
US30

    • 11:40AM D1
    • High40240
    • Low40219
    • Close40222

US30 is trading at 40229, 0.04% up since previous day close. The Fed has maintained steady interest rates and projections for at least three rate cuts this year, despite inflation sticking to its 2% annual target. This has increased expectations that the central bank will begin cutting rates by June. This has led to investors investing in risk-heavy assets, with equities benefiting the most. The Dow Jones Industrial Average rose 0.7% to close at 39,781.37 points. As seen in the chart, the index has broke the resistance, hence could show an upside momentum.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 40245
R2 40439
R1 40232
Turnaround 40225
S1 40219
S2 40211
S3 40206
By Research Team Friday, Mar 22, 2024
WTI

    • 12:20D1
    • High80.61
    • Low80.43
    • Close80.53

WTI is trading at 80.51, 0.65% down since previous day close. WTI US Crude Oil prices are under pressure for the third consecutive day due to hopes for a ceasefire in Gaza and tightening global supply. However, concerns about lower fuel production from Russian refineries, OPEC+ production cuts, and a stronger US economy and potential recovery in China could cushion the downside and potentially boost Crude Oil prices. As seen in the chart, has a breakout  resistance, after a rejection it could go slight down than will take a upside moment.

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Daily Outlook

WTI

Intra Day
Near Day

Technical Levels

R3 82.50
R2 82.20
R1 81.90
Turnaround 81.10
S1 80.30
S2 79.50
S3 78.66
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