GBPUSD – Daily Analysis – 16th December, 2016

Date: 16th December, 2016

Currency Pair: GBPUSD

Yesterday the pair has fallen sharply to hit key support level. Currently the price is hovering above intra-day support i.e. 1.2340. From here we can expect some recovery, to be confirmed with a break above 1.2532 which is the 1st resistance for today. Above the level 1.2645 and 1.2724 are other subsequent resistance levels.

On the downside the immediate support is seen at 1.2340. Other support levels are at 1.2261 and 1.2148.

GBPUSD pair has been trading in a well defined bearish slope. As long as the price stands above 1.2340 i.e. 1st support we can expect some reversal. Any break here proved as significant on technical perspective. Bias is bullish as we can expect some reversal from current position.

Today’s Economic Events

Currency Event Impact Actual Forecast Previous
USD TIC Long-Term Purchases Low 9.4B -32.3B -26.2B
GBP CBI Industrial Order Expectations Low -5 -3
GBP BOE Quarterly Bulletin Low
USD Building Permits High 1.24M
USD Housing Starts Medium 1.23M 1.32M

4 Hours Chart

Daily Support And Resistance Levels

Currency Pair S1 S2 S3 R1 R2 R3
GBPUSD 1.2340 1.2261 1.2148 1.2532 1.2645 1.2724
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