Ultima Markets

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the GBPUSD for June 25, 2024. 

Key Takeaways 

• BOE remains unhinged: Members of the Bank of England voted 7-2 to keep the benchmark rate unchanged at 16-year high of 5.25%, in line with market expectations. The bank’s decision not to cut interest rates was deemed “well balanced” and current policy will need to remain restrictive for an extended period.  
• BoE meeting minutes: From the latest meeting minutes, some members believe that recent data “did not show” significant impact upon economy following depreciating inflation. The comment signal higher confidence among members to initiate a rate cut later this year.  
• Market expectations: After the policy meeting, traders increased their bets over rate cuts, with prominent speculation for it to be done in August with a total of two cuts this year.  

Technical Analysis 

Daily Chart Insights 

• Stochastic oscillator：The indicator enters oversold regions, possibly forming bullish crossover. This suggests an imminent rebound in short-term. Nonetheless, its upside may be short-lived due to prominent moving average above which acts as a resistance.  
• MA resistance: Yesterday’s rebound brings the pair close to their previous neckline and 33-MA line. In the event of a successful closure above this region, the pair is expected to rose further upwards thereafter for mid to long-term.  

4-hour Chart Analysis 

• Stochastic oscillator: The pair has recently hit prominent resistance level, coinciding with imminent entry of the indicator into the overbought region.  
• MA resistance: For extension towards the upside, the pair will require to conquer moving averages which resides around the region at the moment. Its trend direction will be determined once a prominent closure above or a retracement has been signified.  

Pivot Indicator 

• According to the trading central in Ultima Markets APP, the central price of the day is established at 1.2673, 
• Bullish Scenario: Bullish sentiment prevails above 1.2673, first target 1.2714, second target 1.2726; 

• Bearish Outlook: In a bearish scenario below 1.2673, first target 1.2654, second target 1.2642. 

Conclusion 

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Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.