Market Research and Analysis

Daily Market Analysis Report

Fri, 06 Jan 2017 04:54 AM GMT

Author: Senior Forex Analyst, Arslan Ali Butt

  • Daily Trading Range:
  • 1.2725 – 1.2350
  • Support & Resistance Levels:
  • R3:     1.2535

    R2:     1.2473

    R1:     1.2435

    Pivot Point:     1.2373

    S1:     1.2311

    S2:     1.2273

    S3:     1.2211

  • Trading Recommendation:
  • Buy Above:  1.2430

    Take Profit:

    1st @ 1.2475

    Stop Loss @ 1.2400

GBPUSD

GBPUSD is trading at 1.2415, up 0.74% on the day, having posted a daily high at 1.2434 and low at 1.2270.  The pair progressed pointedly in the US session, mobilizing up to 1.2432, it’s most noteworthy since December nineteenth. At the end of the day, more grounded than anticipated UK information supported the Sterling, notwithstanding approaching Brexit, with the December Markit Services PMI up to 56.2 from past 55.2, the most elevated since July 2015. Joined to the most recent Manufacturing and Construction PMIs, information obviously mirrors the economy’s strength to Brexit’s plausible outcomes. Whereas, the investors are still aiming for NFP- Nonfarm Payrolls as well as the Unemployment Rates releasing today on Friday.

6-jan-gbp
Fundamental Overview

The final batch of UK PMI survey data for 2016 from IHS Markit and CIPS signaled that the dominant UK service sector expanded sharply in December, rounding off the strongest quarter of the year. The rate of expansion of activity accelerated for the third month running to the sharpest since July 2015, fueled by stronger growth in new work. Employment rose at a pace unchanged from November’s seven-month high, and sentiment towards the 12-month outlook strengthened despite ongoing uncertainty regarding Brexit and European elections.

GBP

  • No Economic Event Expected

USD

  • Average Hourly Earnings m/m
  • Non-Farm Employment Change
  • Unemployment Rate
  • Trade Balance
  • Factory Orders m/m
  • FOMC Member Evans Speaks

Technical Overview

GBPUSD maintained its bullish momentum for 2nd consecutive day, as the pair trade 1.2380 crossing above 50 EMA. It is likely to continue the bullish momentum and will decide further direction on major events from the U.S releasing today. The RSI value shifting higher to 62 from 47, demonstrating a bullish mode of the pair. GBPUSD can find resistance at 1.2385 and 1.2410. Whereas, the supports remains at 1.2310 and 1.2275.

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