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Daily GBP USD Technical Analysis 29th November, 2016

Daily GBP USD Technical Analysis

Daily GBP USD Technical Analysis 29th November, 2016

Technical Analysis Overview

Prev. Close      1.2415

Open               1.2415

Day’s Range   1.2389 – 1.242

52 wk Range   1.1450 – 1.5240

1-Year Return -17.54%

 

Technical Support and Resistance

Last days of every month we see lots of selling of GBP. Yesterday GBP market was weak against USD, and the pair finished its day near 1.2415. Which is 0.48% lower than the yesterday opening. Expected market range for today is 1.2389 – 1.242.

Daily GBP USD Technical analysis shows that GBP/USD pair may find the immediate support at 1.2353. If, market breaks the first support then it will go for the following support to test. Following supports are 1.2292 and 1.2202. On the other side the market has immediate resistance at 1.2504. If, market breaks the primary resistance level then, market will go for the new resistance level 1.2594 and 1.2655.

This morning has seen some serious GBP weakening against USD.

Today, we do not have any major news from the UK for today while we have the advance GDP that will be released from the US and we can expect some more volatility today as well as we approach the month end and the month end flows are likely to continue today and tomorrow as well. Expect some consolidation with a bearish bias.

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

 

GBP USD Important Economic Events: (GMT +5.30)

  1. GBP    Net Lending to Individuals m/m
  2. GBP    M4 Money Supply m/m
  3. GBP    Mortgage Approvals
  4. GBP    Nationwide HPI m/m