GBPUSD – Daily Analysis – 29th January, 2016

Date: 29th January, 2016

Currency Pair: GBPUSD

GBPUSD has been rising steadily and now trying to approach 1.4434 price level which is the 1st resistance for today. Once it is broken 1.4508 will come into play, followed by 1.4608.

On flip side 1.4260 is offering a strong support for today as last downside has been stopped by the level. Below the level 1.4160 and 1.4086 are subsequent support levels.

GBPUSD has able to hold yesterday’s gain but still the pair is under bearish zone. The price needs to break 1.4434 i.e. 1st resistance for any further upside movement. Beas is bearish above 1.4434.

Today’s Economic Events

Currency Event Impact Actual Forecast Previous
GBP GfK Consumer Confidence Low 4 1 2
USD Advance GDP q/q High 0.8%
2.0%
USD Advance GDP Price Index q/q Medium 1.2% 1.3%
USD Employment Cost Index q/q Medium 0.6% 0.6%
USD Goods Trade Balance Medium -60.0B -60.5B
USD Chicago PMI Medium 45.4 42.9
USD Revised UoM Consumer Sentiment Medium 93.1 93.3
USD Revised UoM Inflation Expectations Low 2.4%

4 Hours Chart


Daily Support And Resistance Levels

Currency Pair S1 S2 S3 R1 R2 R3
GBPUSD 1.4260 1.4160 1.4086 1.4434 1.4508 1.4608
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