Daily Technical Analysis January 3rd 2024

1. GBP/USD Analysis:

News Summary:

Britain's manufacturing sector suffered setback in its attempt to return to growth, with output and employment falling sharply in December from the previous month, a survey showed on Tuesday. The final value of the manufacturing PMI fell to 46.2 in December, ending three consecutive months of growth momentum. The decline in new orders from manufacturers mainly occurred in domestic and export markets, especially the EU market.

Trend Analysis:

We can see GBP/USD continues to fall and runs below 48 hours moving average on H4 chart. On the other hand, the MACD double line and energy column begin to shrink near the zero axis, the sell limit can be placed if price rebounds, stop loss is necessary.

Today's Key Price Levels:

Key Support Levels: [1.2480]

Key Resistance Levels: [1.2770]

Pivot Points [1.2700]

2. Crude Oil Analysis:

News Summary:

OPEC+ will hold an online meeting on February 1 to resume routine oil market monitoring. OPEC and its allies began a new round of production decrease this month to avoid global supply glut in the first quarter and defend crude oil price. Record supply from the United States and other countries offset OPEC+ production cut and strong fuel demand. Oil consumption growth is expected to slow this year, prompting forecasts of a supply excess.

Trend Analysis:

We can see crude oil failed to break through and moved away from the 48 hours moving average, and the MACD double line and energy bar expanded below zero axis on H4 chart. Oil is experiencing pressure as the US dollar strengthened as investors lowered expectations for interest rate decrease. Meanwhile, oil price is likely to continue to weaken since concerns that tensions in Red Sea could disrupt supplies have eased. The sell limit is suitable, stop loss is compulsory.

Today's Key Price Levels:

Key Support Levels: [67.00]

Key Resistance Levels: [74.00]

Pivot Points [72.70]

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