Market Research and Analysis

Daily Market Analysis Report

Mon, 17 Apr 2017 05:02 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.2625 – 1.2350
  • 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:
  • Buy Above: 1.2495
    Take Profit:
    1st @ 1.2540
    Stop Loss @ 1.2475

GBPUSD

GBP/USD set a high for the week at 1.2575 in last Thursday’s exchanging. In any case, the pair turned around to the drawback after achieving the upper limit of the symmetrical triangle which has been set up since GBP/USD shaped a high back toward the beginning of December. The pair finished the week with an unassuming increase, shutting down at 1.2522, a pick up of 0.17% over Thursday’s nearby. For the week general, the pair was up 1.2%.

14 April GBP
Fundamental Overview

The UK observes the Easter Monday holiday tomorrow. Therefore, the day’s range could remain rather limited. And the US calendar is void of high impact releases. The NAHB Housing Market Index will be released at 10:00 ET. This is considered a medium impact report.

GBP

  • Bank Holiday

USD

  • Empire State Manufacturing Index
  • NAHB Housing Market Index

Technical Overview

On the downside, support stands near the mid-point of last Tuesday’s long green candle, which comes in near the 1.2450 level. On a drop below this area, support is at April 7th’s 1.2365 low, which represents a test of the 50% retracement level of the March advance. On an eventual drop below this level, the next target would become the 61.8% retracement level at the 1.2300 level.

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