Market Research and Analysis

Daily Market Analysis Report

Mon, 09 Jan 2017 02:18 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:
  • Sell Below: 1.2310
    Take Profit:
    1st @ 1.2230
    Stop Loss @ 1.2335

GBPUSD

GBPUSD fell dramatically by 131 pips to trade at 1.2282, having posted a daily high at 1.2429 and low at 1.2260, whereas the high to low movement remained 170 pips. The pair turned its Thursday’s profits to conclude the week in the red at 1.2284. The Pound got a lift from dollar’s FOMC-triggered bent that produced in the pair advancing up to 1.2432, a 2-week high. Yet, attention about the upcoming Brexit advanced to burden on the UK currency, stoked by remarks by Jonathan Faull. Faull was a British official in the European Commission, who retired this January after the aborted attempt to keep the UK in the EU.

9-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

  • Halifax HPI m/m

USD

  • Labor Market Conditions Index
  • Consumer Credit m/m

Technical Overview

GBPUSD fell to trade at 1.2284, opposing the well maintained bullish momentum, as the pair crossing below 50 EMA. It has formed a bearish marubozu and it is likely to continue the bearish momentum. The RSI value has shifted higher lower to 42 from 62, demonstrating a bearish mode of the pair. GBPUSD can find resistance at 1.2325 and 1.2380. Whereas, the supports remains at 1.2270 and 1.2185.

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