Market Research and Analysis

Daily Market Analysis Report

Mon, 13 Feb 2017 06:49 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.2525 – 1.2250
  • Support & Resistance Levels:
  • R3: 1.2679
    R2: 1.2527
    R1: 1.2433
    Pivot Point: 1.228
    S1: 1.2128
    S2: 1.2034
    S3: 1.1881
  • Trading Recommendation:
  • Sell Below: 1.2480
    Take Profit:
    1st @ 1.2450
    Stop Loss @ 1.2505

GBPUSD

GBPUSD pair is trading unchanged at 1.2490, adding 0.002 points and +0.02%% at the movement. The GBP/USD pair withdrew from its week after week high of 1.2581, breaking underneath the 1.2500 figure late Thursday as the market continued the Trump-exchange, taking after a guarantee of a forthcoming duty change. The pair tumbled down to 1.2464 early Friday, however, bobbed unequivocally and recovered the 1.2500 level after much superior to anything expected information originating from the UK.

13 Feb GBP
Fundamental Overview

Britain’s manufacturers and construction firms enjoyed a December bounce, adding to evidence that the UK economy ended 2016 on a strong note despite the Brexit vote. Backing up official estimates that show the UK economy was the fastest growing of the G7 leading industrial countries last year, figures published on Friday came in stronger than City economists expected. Alongside news of the increase for construction and manufacturing output, the Office for National Statistics (ONS) also published data showing the UK’s trade gap narrowed in December as exports grew faster than imports.

GBP

  • No Economic Event Expected

USD

  • No Economic Event Expected

Technical Overview

Technically, the GBPUSD is mostly at 1.2491 and has yet to decide its trend. However, the pair is holding right below a 50 period’s EMA and the pair is likely to target 1.2515 once breaks above a major resistance level of 1.2495. The RSI value has is also unchanged at 50, demonstrating a continued neutral mode of the pair. GBPUSD can find resistance at 1.2520 and 1.2555. Whereas, the supports remains at 1.2485 and 1.2455.

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