Market Research and Analysis

Daily Market Analysis Report

Fri, 17 Feb 2017 11:19 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:
  • Buy Above: 1.2390
    Take Profit:
    1st @ 1.2445
    Stop Loss @ 1.2375

GBPUSD

GBPUSD fell sharply to trade at 1.2403, down -0.0087 points and -0.70% in the European sessions. Overall, on Thursday, the pair traded mostly bullish placing a daily higher of 1.2523 and a low of 1.2453. Today investors are recommended to focus on the major economic events due to release later today to identify further clues about the pair. Retail Sales m/m are likely to increase in the U.K, but any change in the figure will cause many fluctuations in the pair. Refer to technical analysis for trading levels.

17 Feb GBP
Fundamental Overview

The pound dropped against the U.S. dollar on Friday, as the arrival of downbeat U.K. retail deals information added to worries over the quality of the economy, while seeks after a close term U.S. rate climb kept on supporting interest for the greenback. Link was probably going to discover bolster at 1.2379, Wednesday’s low and resistance at 1.2550, the high of February 14. The U.K. Office for National Statistics said retail deals diminished 0.3% in January, contrasted with desires for a 0.9% rise. Core retail deals, which avoid vehicle deals and fuel, fell 0.2% in January, bewildering desires for an expansion of 0.7%. In the meantime, the greenback remained somewhat upheld after Federal Reserve Chair Janet Yellen told the U.S. Senate Banking Committee on Tuesday that the national bank will probably need to raise financing costs at one of its up and coming gatherings.

r.

GBP

  • Retail Sales m/m

USD

  • CB Leading Index m/m

Technical Overview

Today on Friday, the GBPUSD trades at 1.2410, above a significant support area of 1.2390. However, the pair fell so dramatically to fell more than 100 pips that it entered into the oversold territory. Bearish engulfing candle in the 4 hours’ time frame is adding more selling pressure in the pair. Now, the GBPUSD can find resistance at 1.2455 and 1.2495. Whereas, the supports remains at 1.2390 and 1.2370.

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