GBP/USD Forecast | Daily Technical Analysis for January 4, 2017
GBP/USD Technical Overview
Yesterday Closed 1.2240
Today Open 1.2240
Day’s Range 1.2222 – 1.2288
52 wk Range 1.1450 – 1.5020
1-Year Return – 16.91%
GBP/USD Technical Support and Resistance
Possible trading range for today 1.2222 – 1.2288.
GBPUSD forecast : GBPUSD pair possibly will find the immediate support at 1.2206. If, market breaks the first support then it will go for the following support to test. Following supports are 1.2180 and 1.2138.
On the other side the market has immediate resistance at 1.2290. If, market breaks the primary resistance level then, market will go for the new resistance level 1.2316 and 1.2358.
GBP/USD Fundamental Analysis
The GBP/USD pair went back and forth on Tuesday, but ultimately settled on a somewhat neutral candle. I think the we could bounce from here, but we should find plenty of resistance above. I’m waiting to see whether we get some type of exhaustive candle that I can start selling again or a breakdown below the bottom of the range for the session on Tuesday. I still have a target of 1.20, and possibly lower than that. I have no interest in buying, I believe there far too many concerns about the so-called “Brexit” on the minds of traders.
GBP/USD Important Economic News : (GMT +2)
1. 11:30am GBP Construction PMI
i. GBP Net Lending to Individuals m/m
ii. GBP M4 Money Supply m/m
iii. GBP Mortgage Approvals
2. Tentative GBP 10-y Bond Auction
3. 5:30pm USD Crude Oil Inventories
i. All Day USD Total Vehicle Sales
4. 9:00pm USD FOMC Meeting Minutes