Weekly data: GBPUSD & USOIL price action

<img width="562" height="338" src="https://www.leaprate.com/wp-content/uploads/2021/11/weekly-data-exness.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2021/11/weekly-data-exness.jpg 880w, https://www.leaprate.com/wp-content/uploads/2021/11/weekly-data-exness-768×463.jpg 768w, https://www.leaprate.com/wp-content/uploads/2021/11/weekly-data-exness-730×438.jpg 730w, https://www.leaprate.com/wp-content/uploads/2021/11/weekly-data-exness-230×138.jpg 230w, https://www.leaprate.com/wp-content/uploads/2021/11/weekly-data-exness-380×228.jpg 380w, https://www.leaprate.com/wp-content/uploads/2021/11/weekly-data-exness-88×53.jpg 88w, https://www.leaprate.com/wp-content/uploads/2021/11/weekly-data-exness-245×148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2021/11/weekly-data-exness-500×301.jpg 500w" sizes="(max-width: 562px) 100vw, 562px" /><p>On the technical side, the price on the chart has been making consistent gains since early March with multiple retests to break the upward trendline without being able to do so. This shows the strength of the quid against the dollar in the medium outlook. The 50 day moving average is still trading bove the 100 day moving average further validating the bullish momentum in the market while at the same time the Stochastic oscillator is in the extreme overbought levels indicating that we might see some minor correction in the market in the near short term but apart from this there are no clear signs of a trend reversal just yet.</p>
<p>All in all the area of $1.26 is the first major technical support level which consists of the 50 day moving average, the lower band of the Bollinger bands, the bullish trendline and also the psychological support of the round number. On the other hand the level of $1.30 is a technical resistance area consisting of the psychological resistance of the round number as well as an area of price reaction in mid April 2022.</p>
<h2>USOIL, daily</h2>
<p><img decoding="async" class="alignnone size-full wp-image-449846" src="https://www.leaprate.com/wp-content/uploads/2023/07/USOIL-daily-1.png" alt="" width="2048" height="921" srcset="https://www.leaprate.com/wp-content/uploads/2023/07/USOIL-daily-1.png 2048w, https://www.leaprate.com/wp-content/uploads/2023/07/USOIL-daily-1-250×112.png 250w, https://www.leaprate.com/wp-content/uploads/2023/07/USOIL-daily-1-700×315.png 700w, https://www.leaprate.com/wp-content/uploads/2023/07/USOIL-daily-1-768×345.png 768w, https://www.leaprate.com/wp-content/uploads/2023/07/USOIL-daily-1-1536×691.png 1536w, https://www.leaprate.com/wp-content/uploads/2023/07/USOIL-daily-1-120×54.png 120w, https://www.leaprate.com/wp-content/uploads/2023/07/USOIL-daily-1-245×110.png 245w, https://www.leaprate.com/wp-content/uploads/2023/07/USOIL-daily-1-500×225.png 500w" sizes="(max-width: 2048px) 100vw, 2048px" /></p>
<p>Oil prices dipped  on Monday as investors awaited economic data from the United States. The oil market remains uncertain due to fears of demand control by Western economies and supply-control strategies employed by OPEC. Saudi Arabia and Russia have extended their supply cuts, easing the oil glut. JPMorgan analysts suggest that OPEC+ needs to deepen its cuts and extend them into 2024. In the U.S., strong wage growth and a further drop in the unemployment rate will likely lead the Federal Reserve to raise interest rates. U.S. oil rigs also fell to the lowest level since April 2022.</p>
<p>From a technical standpoint, the price has broken above its recent triangle formation which was valid for the last 2 months. Currently the price is facing resistance by the upper band of the Bollinger bands as well as the 100 day moving average. The Stochastic oscillator is recording extreme overbought levels because of the recent bullish rally of the last 2 weeks but the 50 day moving average is still trading below the 100 day moving average showing that the overall bearish trend hasn’t shifted yet. According to the Fibonacci levels the area of $75 is a strong technical resistance level since it coexists with the 78.6% of the weekly Fibonacci retracement.</p>
<p>Last week’s weekly data preview looked at <a href="https://www.leaprate.com/forex/market-news/weekly-data-usoil-gold-price-action/" target="_blank" rel="noopener">USOIL &amp; Gold price action</a>…</p>
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<p><em>Disclaimer: opinions are personal to the author and do not reflect the opinions of Exness or LeapRate.</em></p>
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<p>The post <a rel="nofollow" href="https://www.leaprate.com/forex/market-news/weekly-data-gbpusd-usoil-price-action/">Weekly data: GBPUSD & USOIL price action</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>