GBPUSD Forecast | Daily Technical Analysis for January 12, 2017
GBPUSD Technical Overview
Yesterday Closed 1.2214
Today Open 1.2214
Day’s Range 1.2169 – 1.2221
52 wk Range 1.1450 – 1.5020
1-Year Return – 15.66%
GBPUSD Technical Support and Resistance
Possible trading range for today 1.2169 – 1.2221
GBPUSD forecast : GBPUSD pair possibly will find the immediate support at 1.2084. If, market breaks the first support then it will go for the following support to test. Following supports are 1.2028 and 1.1939.
On the other side the market has immediate resistance at 1.2262. If, market breaks the primary resistance level then, market will go for the new resistance level 1.2318 and 1.2407.
GBP/USD Fundamental Analysis
It was all about the dollar yesterday as all other currencies were pushed aside due to the storm that was brought in by Trump late in the day during the US session. The markets did not see much action during the Asian and European session in anticipation of the first press conference by Trump since last July and his first one as President-elect. A lot of anticipation was there around this event and the market was looking forward to hear what plans Trump and his administration had for the USA for the next 4 years and to see what kind of revival and changes that his team is planning for the American economy and whether he would push through with some of his campaign promises.
We do not have any major economic news from the UK and so we can expect the effects of yesterday to be continued to be seen today as well. But the bulls can expect some serious move upwards if and only if the pound manages to break through 1.2300. If it does not, then we could be seeing a large correction in this pair in the short term.
GBP/USD Important Economic Events: (GMT +2)
- 3:30pm USD Unemployment Claims
- USD FOMC Member Evans Speaks
- USD FOMC Member Harker Speaks
- USD Import Prices m/m
- 5:30pm USD Natural Gas Storage
- 8:01pm USD 30-y Bond Auction
- 9:00pm USD Federal Budget Balance