Advertisement
fxgiants
Advertisement
24option
BREAKING NEWS : 1 Million Dollar Demo Contest, 10 Round monthly $50,000 withdrawable CASH Prize! + 500K for final 10 Winners! Hurry up, Join Now!
Written by experienced traders and professional market analysts, our Forex technical analysis is just what you need to get an edge in your Forex trading
Advertisement superforex

GBP/USD: Pound out of market favor

Written by Valeria Bednarik | 2018-01-10 13:36:48 GMT

The GBP/USD pair is trying to regain the upside, but it's clear that the Pound is out of market's favor: the pair fell to a fresh 2-week low of 1.3481, and while dollar's sell-off help it bounce back, selling interest around 1.3560 has rejected the advance. The pair is back to square one daily basis, trading around its opening level after a mixed bag of UK data. Industrial and Manufacturing production rose by more-than-expected in November, both up 0.4% monthly basis, and with October readings suffering modest upward revisions. The trade deficit of the kingdom, however, was larger-than-expected, printing £-12.23B in November. Finally, the NIESR GDP estimate for the three months to December resulted at 0.6%, beating expectations of 0.5%.

Despite broad dollar's weakness, the pair is unable to turn bullish short term, for what it would need to surpass the 1.3560/70 price zone, with a stronger confirmation from a bullish breakout of the 1.3612 high set last week. The 4 hours chart presents a neutral-to-bearish stance, as the intraday advance was capped by a horizontal 20 SMA, while technical indicators hold right below their mid-lines, although with limited directional strength. Below 1.3510, the pair could retest its daily lows, en route to the 1.3445 level, the next intraday support.

Support levels: 1.3510 1.3480 1.3445

Resistance levels: 1.3570 1.3615 1.3655

View Live Chart for the GBP/USD

Author

Valeria Bednarik
superforex

Start Trading With Top Industry Brokers

Broker Profile Open Account
xm
  • Minimum Deposit: 5 USD
  • Leverage of up to 1:888
  • Broker Type : Market Maker
  • Regulation : CySEC,ASIC ,FSP ,FCA
  • xm
    Markets
  • Minimum Deposit: 100 USD
  • Leverage of up to 1:500
  • Broker Type : Market Maker
  • Regulation : CySEC
  • Markets
    Trade
  • Minimum Deposit: 250 USD
  • Leverage of up to 1:200
  • Broker Type : Market maker
  • Regulation : CySEC
  • trade

    Contact us
    fxvnpro@gmail.com
    hangtranfx@gmail.com