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Daily GBP USD Technical Analysis 30th November, 2016

GBP USD Technical Analysis

GBP USD Technical Analysis 30th November, 2016

Technical Analysis Overview

Prev. Close      1.2493

Open               1.2490

Day’s Range   1.2468 – 1.2494

52 wk Range   1.1450 – 1.5240

1-Year Return -17.04%

 

Technical Support and Resistance

Yesterday GBP gain 0.50% against USD. The dollar has traded weaker since the beginning of the week. Today GBP USD expected trading range is 1.2468 – 1.2494.

Daily GBP USD technical analysis shows that GBP/USD pair may find the immediate support at 1.2407. If, market breaks the first support then it will go for the following support to test. Following supports are 1.2324 and 1.2264. On the other side the market has immediate resistance at 1.2550. If, market breaks the primary resistance level then, market will go for the new resistance level 1.2610 and 1.2693.

Today, we have the bank stress results from the UK and if the banks do well in this, we should be seeing another round of pound strength which should take GBPUSD beyond 1.2500. Later on in the day, we have the ADP Employment data and if the numbers come in weaker than expected, then we are likely to see even more dollar weakness as this data is considered as a precursor to the NFP on Friday.

 

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. 5:31am            GBP    GfK Consumer Confidence
  2. 12:30pm          GBP    Bank Stress Test Results
  3. 12:30pm          GBP    BOE Financial Stability Report
  4. 12:30pm          GBP    FPC Statement