Reply to thread

Message: [QUOTE="FxGrow Support, post: 140916, member: 34135"] [B]FxGrow Daily Technical Analysis – 22nd Dec, 2017[/B] [I]By FxGrow Research & Analysis Team[/I] [B]GBP/USD: Still Struggling To Break The 1.3400 Handle Ahead of UK Data[/B] GBP/USD still trading dull through the week with failure to close above 1.3400 level, trading flat with consolidation congestion. The pair dipped today to 1.3364 at 20-EMA and tested successfully with a rebounce. Yesterday, the cable found some support and managed to overcome losses after plunging to 1.3331, and closed at 1.3385 after disappointing U.S GDP outcome 3.2% while expectations were at 3.3% and above. Today, the pound awaits Current Account and Final GDP for last quarter of 2017 which should give push GBP/USD into newer levels and break out of the triangle that is seen stuck inside. As for the U.S Dollar, Core Durable Goods data + Core PCE Index ( Feds favorite indicator ), both are due as NY session opens. [B]GBP/USD technical overview:[/B] Closing price: 1.3385 Target price: None Resistance levels: 1.3400 1.3454* Support levels: 1.3314, 1.3235+/- Trend: Sdwys/Down Trend reversal price: 1.3454* Comment: The market is still biased down, contained under 1.3454* resistance. A roll off from this week's sideways days open up potential for selloffs to 13285 and chance to stretch for the low 13200's. Trade may again congest in Mon-last Friday's ranges, but tight congestion will bear flag. A close over 1.3454* is needed for a short term reversing upturn. [I][B]Note:[/B] This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.[/I] [/QUOTE]

Verification

Top Bottom