Market Research and Analysis

Daily Market Analysis Report

Tue, 03 Jan 2017 04:52 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.2525 – 1.2050
  • Support & Resistance Levels:
  • R3:     1.261
  • R2:     1.2505

     

  • R1:     1.2441

     

  • Pivot Point:     1.2337

     

  • S1:     1.2232

     

  • S2:     1.2168

     

  • S3:     1.2064

  • Trading Recommendation:
  • Sell Below:  1.2335

    Take Profit:

    1st @ 12265

    Stop Loss @ 1.2355

GBPUSD

GBPUSD plunged to trade at 1.2295 as the US dollar remain stronger on the stronger economic outlook ahead in the year 2017. The pair dropped from 1.2348, opposing its 3rd consecutive day bullish momentum. The Sterling has remained presumably the most profited in the fleeting a week ago, as the GBPUSD pair spiked to 1.2387 on dollar’s sudden auction early Asia, settling by the day’s end at 1.2333. Whereas, the investors are still aiming for NFP- Non Farm Payrolls as well as the Unemployment Rates releasing on Friday.

3-jan-gbp
Fundamental Overview

In her New Year message, British PM Theresa May said that “this is the year we start to make Brexit happen,” adding that she will try to get the “right deal” for every single person in the UK. The US Dollar remained supported and dragged the exchanged rate lower as In the week ending December 24, the advance figure for seasonally adjusted initial claims was 265,000, a decrease of 10,000 from the previous week’s unrevised level of 275,000. The 4-week moving average was 263,000, a decrease of 750 from the previous week’s unrevised average of 263,750. There were no special factors impacting this week’s initial claims. This marks 95 consecutive weeks of initial claims below 300,000, the longest streak since 1970. The advance seasonally adjusted insured unemployment rate was 1.5 percent for the week ending December 17, unchanged from the previous week’s unrevised rate.

Today on Tuesday, the investors are recommended to monitor the following events:

GBP

  • Manufacturing PMI

USD

  • ISM Manufacturing PMI

Technical Overview

On Tuesday, the GBPUSD plunged to trade at 1.2271 a slightly bearish momentum in early trading sessions from 1.2660. The pair is still trading below a narrow trading range of 1.2405 – 1.2310. The technical outlook for the pair moved above 50 EMA along with the RSI value shifting above to 51 from 37, demonstrating a slight bullish mode of the pair. GBPUSD can find resistance at 1.2330 and 1.2365. Whereas, the supports remains at 1.2265 and 1.2215.

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