Search Mark
Home / Market Insight

GBP/USD Down 1.20%, Gold Prices Fell Nearly 2%

This image has an empty alt attribute; its file name is Market-Insight-Featured-Image.jpg

1. Forex Market Insight     


The euro rose to 1.1032 against the dollar on Thursday, 2nd February 2023 after the ECB raised rates by 50 basis points as expected and Lagarde disagreed with the market interpretation that the rate hike cycle was nearing its end, before retreating and finally closing down 0.72% at 1.0909. 

It is expected that the ECB may cut the rate hike to 25 basis points in March, but a stronger outlook and wage pressures could delay such a move and pose upside risks to rates. 

Technical Analysis:  

(EUR/USD 1-hour Chart)

We focus on the 1.0871 line today. If the EUR runs below the 1.0871 line, then pay attention to the support strength of the two positions of 1.0801 and 1.0729. If the strength of EUR rises over the 1.0871 line, then pay attention to the suppression strength of the two positions of 1.0940 and 1.0986.  

GBP Intraday Trend Analysis  

Fundamental Analysis:   

On Thursday, 2nd February 2023, the Bank of England also raised interest rates by 50 basis points and abandoned its pledge to continue to raise rates “strongly” if necessary, and said inflation may have peaked.  

The British pound closed down 1.20% against the dollar at 1.2223 on Thursday, and the outbreak of general strikes in the UK, which have hit the economy, has become a major negative factor for the pound. 

Technical Analysis:

(GBP/USD 1-hour Chart)

GBP is mainly focused on the 1.2270-line today. If GBP runs below the 1.2270-line, it will pay attention to the suppression strength of the two positions of 1.2169 and 1.2106. If GBP runs above the 1.2270-line, then pay attention to the suppression strength of the two positions of 1.2449 and 1.2651. 

2. Precious Metals Market Insight


Fundamental Analysis:   

Gold prices fell nearly 2% on Thursday, 2nd February 2023, as the dollar rallied and some investors took profits after gold climbed to a nine-month high on dovish remarks from Federal Reserve Chairman Jerome Powell.  

Spot gold fell 1.8 % to $1,915.79 an ounce, having earlier touched its highest since April 2022. 

Technical Analysis:   

(Gold 1-hour Chart) 

Gold pays attention to the 1921-line today. If the gold price runs below the 1921-line, then it will pay attention to the support strength of the 1909 and 1900 positions. If the gold price breaks above the 1921-line, then pay attention to the suppression strength of the two positions of 1935 and 1942.  

3. Commodities Market Insight   

WTI Crude Oil   

Fundamental Analysis:   

Oil prices closed lower Thursday, 2nd February 2023, as orders for industry-related factories in the U.S. slipped, with orders for industrial equipment and other machinery falling in December, although new orders for U.S. manufactured goods generally increased, according to the latest data from the U.S. Commerce Department. 

Helping to stop oil from going lower is an EU ban on Russian refined products that will take effect Feb. 5 and could deal a blow to global supplies. 

EU countries will seek an agreement on Friday on the EU executive committee’s proposal to set a price cap on Russian oil products, diplomats said, after the committee postponed a decision Wednesday because of disagreements among member states. 

The EU executive committee proposed last week that the EU impose a price cap of $100 a barrel for Russian premium oil products such as diesel and $45 a barrel for discounted products such as fuel oil from Feb. 5. 

Technical Analysis:

(Crude Oil 1-hour Chart) 

Oil prices focus on the 76.00 – line today. If the oil price runs above the 76.00 -line, then focus on the suppression strength of the two positions of 77.31 and 78.14. If the oil price runs below the 76.00 -line, then pay attention to the support strength of the two positions of 75.04 and 73.52.  


While every effort has been made to ensure the accuracy of the information in this document, DOO Prime does not warrant or guarantee the accuracy, completeness or reliability of this information. DOO Prime does not accept responsibility for any losses or damages arising directly or indirectly, from the use of this document. The material contained in this document is provided solely for general information and educational purposes and is not and should not be construed as, an offer to buy or sell, or as a solicitation of an offer to buy or sell, securities, futures, options, bonds or any other relevant financial instruments or investments. Nothing in this document should be taken as making any recommendations or providing any investment or other advice with respect to the purchase, sale or other disposition of financial instruments, any related products or any other products, securities or investments. Trading involves risk and you are advised to exercise caution in relation to the report. Before making any investment decision, prospective investors should seek advice from their own financial advisers, take into account their individual financial needs and circumstances and carefully consider the risks associated with such investment decision. 

Share to

Market Insight

Gold Hits Six-Month High, Oil Prices End Four-Day Slide with Over 2% Gain 

The market is betting that the Federal Reserve will no longer raise interest rates, causing the U.S. dollar to fall to a three-month low.

2023-11-29 | Market Insight

Gold Prices Reach Six-Month High, Oil Prices Continue to Face Pressure 

Boosted by a weakened U.S. dollar, gold prices climbed to a six-month high on Monday.

2023-11-28 | Market Insight

Thanksgiving Trading Light, Gold Edges Higher, Oil Continues Decline 

Due to the U.S. Thanksgiving public holiday, trading activities for gold and crude oil have slowed.

2023-11-24 | Market Insight