GBP USD Daily Technical Analysis for January 10, 2017
GBP USD Technical Overview
Yesterday Closed 1.2160
Today Open 1.2160
Day’s Range 1.2107 – 1.2180
52 wk Range 1.1450 – 1.5020
1-Year Return – 16.32%
GBP USD Technical Support and Resistance
Possible trading range for today 1.2107 – 1.2180
GBP USD forecast : GBP/USD pair possibly will find the immediate support at 1.2128. If, market breaks the first support then it will go for the following support to test. Following supports are 1.2093 and 1.2035.
On the other side the market has immediate resistance at 1.2244. If, market breaks the primary resistance level then, market will go for the new resistance level 1.2279 and 1.2337.
GBP USD Fundamental Analysis
The GBP USD continued to trade weakly to begin the week as fears over Brexit and other related risks continued to bog down the pound, something that we have been harping on for the past few days. This is despite the fact that we saw the dollar continue to weaken yesterday all across the board but this was not enough to push the GBP/USD pair higher. The pair seems to be in a tight bearish grip and it looks set for some more losses in the short term.
we do not have any major economic news from the US or UK for the rest of the day and so we can expect the existing trends to continue to dominate the price movements of the different pairs. We still believe that the pound would find it difficult to post any kind of decent bounce when such fears abound and this price region might be a good one to go short with a stop loss just above 1.2300.
GBP USD Important Economic Events: (GMT +2)
1:00pm USD NFIB Small Business Index
5:00pm USD JOLTS Job Openings
USD Final Wholesale Inventories m/m