GBPUSD Forecast | Daily Technical Analysis for January 9, 2017
GBPUSD Technical Overview
Yesterday Closed 1.2284
Today Open 1.2256
Day’s Range 1.2239 – 1.2431
52 wk Range 1.1450 – 1.5020
1-Year Return -15.55%
GBP/USD Technical Support and Resistance
Possible trading range for today 1.2239 – 1.2431
GBPUSD forecast : GBPUSD pair possibly will find the immediate support at 1.2252. If, market breaks the first support then it will go for the following support to test. Following supports are 1.2247 and 1.2239.
On the other side the market has immediate resistance at 1.2268. If, market breaks the primary resistance level then, market will go for the new resistance level 1.2273 and 1.2281.
GBPUSD Fundamental Analysis
We have long since been saying that the GBPUSD pair is likely to suffer the most among all the major currencies due to the fact that the dollar is likely to gain strength going forward and also due to the fact that the Brexit process is still something under discussion and a lot of confusion continues to exist on how exactly all the stakeholders in the process are going to shape up over the next year or so. This makes the pair highly vulnerable and hence we have been advising the traders to sell any kind of a bounce in this pair. The bounces have been few and far between and they have been followed by deep corrections, all of which are strong signs of a downtrend in this pair.
There is no major economic news from any part of the UK for today and so the price movements are likely to be dominated by the existing trends and themes and we believe that the dollar strength will continue to dominate the markets for today.
GBPUSD Important Economic Events: (GMT +2)
1. 10:30am GBP Halifax HPI m/m
2. 5:00pm USD Labor Market Conditions Index m/m
3. 10:00pm USD Consumer Credit m/m