Date: 22nd December, 2016
Currency Pair: GBPUSD
After much fall GBPUSD is trying to stabilize at current level. At present the pair is trading just above daily pivot level i.e. 1.2356. The pair is trying to approach the immediate resistance i.e. 1.2388. For a clear one sided movement i.e. towards up the price needs to cross 1.2388. Above the level 1.2423 and 1.2455 are offering 2nd and 3rd resistance respectively.
On flip side 1.2321 is a strong support for today. Subsequently, 1.2289 and 1.2254 are other support levels.
GBP has been trying to consolidate in a strong bearish territory. Today we’ve some important economic releases specially related to USD. We may see some directional move during NY session. Before that we can expect some upward move from this pair. Bias is bullish.
Today’s Economic Events
|GBP||GfK Consumer Confidence||Low||-7||-8||-8|
|USD||Core Durable Goods Orders m/m||High||0.2%||
|USD||Final GDP q/q||High||3.3%||3.2%|
|USD||Durable Goods Orders m/m||Medium||-4.9%||4.6%|
|USD||Final GDP Price Index q/q||Low||1.4%||1.4%|
|USD||Core PCE Price Index m/m||Medium||0.1%||0.1%|
|USD||Personal Spending m/m||Medium||0.4%||0.3%|
|USD||CB Leading Index m/m||Low||0.2%||0.1%|
|USD||Personal Income m/m||Low||0.3%||0.6%|
|USD||Natural Gas Storage||Low||-201B||-147B|
4 Hours Chart