Daily Forex News on GBP USD
GBP/USD technical news shows that, GBP increased against the USD and Yesterday market closed at 1.2424. To Day market Range 1.2407 – 1.2426.
Today the GBP USD started at 1.2424, which is up from yesterday closes.
GBPUSD spent most of the day yesterday consolidating on either side of 1.2400 on the back of waxing and waning USD strength. The USD strength has been wobbling over the past couple of days and this pair has been the best reflector of that theme with the pair having a highly bullish day on Monday followed by a day of consolidation and ranging yesterday.
This is the second part of the month and hence, the economic news and drivers are very little. That is why we see that the prices in various currency pairs being dominated by flows, option expiries and themes rather than being driven by specific fundamentals. The USD strength has been driven by the strong and rising US yields ever since Trump was elected as the next US President but this week, we have seen the yields tapering off which has also seen the tapering off of the USD strength.
Daily Technical Support and Resistance
Daily GBP USD Technical analysis shows that GBP/USD pair may find the immediate support at 1.2412. If, market breaks the first support then it will go for the following support to test. Following supports are 1.2400 and 1.2387. On the other side the market has immediate resistance at 1.2436. If, market breaks the primary resistance level then, market will go for the new resistance level 1.2448 and 1.2461.
Expected trading range for today is between 1.2407 supports and 1.2426 resistances.
Along with technical analysis following economic event are very important to analyze the financial market properly.
Upcoming Important Economic News: (GMT +2)
1. MPC Member Forbes Speaks at 1.30pm
2. Autumn Forecast Statement at 2.30pm