GBPUSD Daily Technical Analysis ,16 February 2017
The GBPUSD pair has managed to recover and has been buoyant with the dollar weakening across the board yesterday. As we have been mentioning in many of our forecasts, the pound has been the strongest currency even when the dollar had been going from strength to strength and the region around 1.2400 has been quite good support so far and this was proved yesterday again as well as the pound managed to recover all of its losses from the previous day and trades above 1.2450 as of this writing.
Yesterday, we saw a host of data from the UK and the US with the average earnings from the UK coming in at a lower than expected 2.6% but that was compensated by a much better than expected claimant count change data and so there was just a wobble in the pair as a result of this. Then came the retail sales data and the CPI data from the US which was better than expected and the dollar gained as a result which pushed the GBPUSD pair below 1.24
Looking ahead to today, we do not have much economic news from the UK and we have the unemployment claims and Manufacturing index data from the US. But we believe that the pair will be consolidating today between 1.24 and 1.25 with not much of news around and so range trading is probably the way today.