GBPUSD Forecast | Daily Technical Analysis for January 6, 2017
GBP/USD Technical Overview
Yesterday Closed 1.2418
Today Open 1.2418
Day’s Range 1.2382 – 1.2431
52 wk Range 1.1450 – 1.5020
1-Year Return – 15.19%
GBP/USD Technical Support and Resistance
Possible trading range for today 1.2382 – 1.2431
GBPUSD forecast : GBPUSD pair possibly will find the immediate support at 1.2309. If, market breaks the first support then it will go for the following support to test. Following supports are 1.2270 and 1.2205.
On the other side the market has immediate resistance at 1.2439. If, market breaks the primary resistance level then, market will go for the new resistance level 1.2478 and 1.2543.
GBPUSD Fundamental Analysis
GBPUSD continued to march upwards in line with what we see in the rest of the markets over the past 24 hours.
Over the last 24 hours, we have seen bouts of dollar strength and weakness and the same has been reflected in the pair as well. As of this morning, we are seeing some more dollar correction and this has helped to keep the pair above 1.2300 and just below 1.2400 as of this writing.
We do not have any major economic news from the UK but we have the NFP, Unemployment rate and average earnings data from the US and as usual, this is likely to bring in a lot of volatility in this pair. Any sign of weakness in this data is likely to delay the rate hikes from the Fed and this will help to push the pair towards 1.2500. But the higher risk seems to be that we get better than expected data which will help to bring back the strength in the dollar which will push the pair back towards 1.2300 and below.
GBPUSD Important Economic News : (GMT +2)
1. 3:30pm USD Average Hourly Earnings m/m
a. USD Non-Farm Employment Change
b. USD Unemployment Rate
c. USD Trade Balance
2. 5:00pm USD Factory Orders m/m