GBPUSD – Daily Analysis – 22nd December, 2016

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

Currency Event Impact Actual Forecast Previous
GBP GfK Consumer Confidence Low -7 -8 -8
USD Core Durable Goods Orders m/m High 0.2%
0.8%
USD Final GDP q/q High 3.3% 3.2%
USD Unemployment Claims High 255K 254K
USD Durable Goods Orders m/m Medium -4.9% 4.6%
USD Final GDP Price Index q/q Low 1.4% 1.4%
USD HPI m/m Low 0.4% 0.6%
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

Daily Support And Resistance Levels

Currency Pair S1 S2 S3 R1 R2 R3
GBPUSD 1.2321 1.2289 1.2254 1.2388 1.2423 1.2455
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