GBP USD Forecast | Daily Technical Analysis for January 13, 2017
GBP USD Technical Overview
Yesterday Closed 1.2159
Today Open 1.2159
Day’s Range 1.2140 – 1.2174
52 wk Range 1.1450 – 1.5020
1-Year Return – 15.65%
GBP USD Technical Support and Resistance
Possible trading range for today 1.2140 – 1.2174
GBP USD forecast : GBPUSD pair possibly will find the immediate support at 1.2145. If, market breaks the first support then it will go for the following support to test. Following supports are 1.2105 and 1.2040.
On the other side the market has immediate resistance at 1.2275. If, market breaks the primary resistance level then, market will go for the new resistance level 1.2315 and 1.2380.
GBP USD Fundamental Analysis
The GBPUSD pair tried to finish higher for the day yesterday and it even managed to break through 1.2300, albeit briefly, during the day, the price action in the pound still does not seem to inspire any confidence in the bulls. As we mentioned, the dollar weakness across the markets helped to push the pair towards 1.2300 and it did cross that briefly but the way it was brought down after that and the way that it ended the day 100 pips lower from there and below 1.2200 should be a cause for the concern for the bulls in this pair.
We do not have any major news from the UK but we have the retail sales and CPI data from the US and if they come in strong, we might see a return of strength in the dollar.
GBP/USD Important Economic Events: (GMT +2)
1. 11:30am GBP BOE Credit Conditions Survey
a. GBP MPC Member Saunders Speaks
2. 3:30pm USD Core Retail Sales m/m
a. USD PPI m/m
b. USD Retail Sales m/m
c. USD Core PPI m/m
3. 4:30pm USD FOMC Member Harker Speaks
4. 5:00pm USD Prelim UoM Consumer Sentiment