Daily Forex News on GBP USD 22nd November, 2016

Daily Forex News on GBP USD

Daily Forex News on GBP USD

XtreamForex Daily forex news on GBP/USD helps every retail trader to know more about the market economic situation.

GBP/USD technical news shows that, GBP increased against the USD and Yesterday market closed at 1.2490. To Day market Range 1.2482 – 1.2513.

Today the GBP USD started at 1.2498, which is up from yesterday closes.

Higher commodities’ prices combined with positive turnaround in the Asian stocks triggered a fresh bout of risk-on wave into markets, as traders move past sad news of earthquake that occurred in Japan and New Zealand earlier in Asia.

What is more?

Ongoing weakness in the US treasury yields and hence, the greenback, also adds to the upbeat momentum behind the cable. The spot is last seen exchanging hands at 1.2496, almost unchanged on the day, having posted a four-day high of 1.2515 and day’s low at 1.2481.

In addition, the spot may get influenced by the UK’s public sector net borrowing data and BOE MPC member Forbes’ speech, ahead of the US existing home sales data. While the main risk events for the major this week remains the UK Treasury’s Autumn Forecast Statement and FOMC minutes.

Daily Technical Support and Resistance

Daily GBP USD Technical analysis shows that GBP/USD pair may find the immediate support at 1.2474. If, market breaks the first support then it will go for the following support to test. Following supports are 1.2455 and 1.2436. On the other side the market has immediate resistance at 1.2512. If, market breaks the primary resistance level then, market will go for the new resistance level 1.2531 and 1.2550.

Expected trading range for today is between 1.2482 supports and 1.2513 resistances.

Along with technical analysis following economic event are very important to analyze the financial market properly.

Upcoming Important Economic News: (GMT +3)
1. Public Sector Net Borrowing
2. 10-y Bond Auction
3. CBI Industrial Order Expectations
4. MPC Member Forbes Speaks