GBP USD Daily Technical Forecast – February 09, 2017
GBP USD Technical Overview
Yesterday Closed 1.2540
Today Open 1.2540
Day’s Range 1.2497 – 1.2544
52 wk Range 1.1450 – 1.5020
1-Year Return – 13.49%
GBP USD Technical Support and Resistance
Possible trading range for today 1.2497 – 1.2544
|Support 1: 1.2491||Resistance 1: 1.2551|
|Support 2: 1.2472||Resistance 2: 1.2570|
|Support 3: 1.2442||Resistance 3: 1.2600|
GBP USD Fundamental Analysis
The GBP USD pair has been trading in a tight range of less than 100 pips over the last 24 hours. There has not been much news during this time and neither has there been fundamental changes in either the pound of the dollar and that is why we have been seeing some directionless trading going on in this pair over the last couple of days. This is expected to continue for today as well as the markets await direction and a push in some specific direction.
It may also be noted that the markets could be waiting to see if Trump and his team come up with any more surprises in terms of the economic or foreign policy. The markets might be taking a breather to see what his team is upto and also to get used to his ways before showing its hand and that is what is taking a long time for the different pairs to sort out the trend that they should be in. The effect of that is clearly seen in the GBPUSD pair which has been unable to break through 1.2500 on the topside and through 1.2450 at the bottom. The investors are clearly not in a mood to take any risks at this point of time and with the Brexit process continuing to throw up surprises along the way, they do not want to take any chances and would rather wait and see and that is why we have not been able to get any kind of a run in this pair since the beginning of this week and whatever move that we have been seeing, has been quickly reversed as well.
Looking ahead to today, we do not have much news from the UK while we have the unemployment claims data from the US and we also have a couple of Fed members making speeches though we do not expect any of these to wake up the GBP USD from its slumber.