GBP/USD Technıcal Analysıs
GBP/USD had a historic day yesterday nonetheless, surging 2.9%, its largest 1-day gain since 2008
The all story since the Brexit and even before noted here. GBP/USD fall from 1.3444 extended last week and initial bias is on the downside for 1.2865 support. For the big moves the exceptions was written .
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GBP/USD |
Today’s Economic Data showed that the Unemployment Rate in the United Kingdom in November remained unchanged, at 4.8%. The Average Earnings over three months including November added 2.8% y/y, which is more than the expected reading of 2.6% y/y. The Claimant Count Change in December was ‑10.1K after being 1.3K in the previous month and against expectations of 4.6K
Yesterday’s growth was caused by the speech of Theresa May, the British Prime Minister. Generally speaking, she didn’t tell much positive information. For instance, she said that the country wouldn’t try to keep access to the EU market and wanted to work out and conclude a free trade agreement instead. May also mentioned the immigration problem. According to her word, the United Kingdom was going to control the number of immigrants better in order to keep the country’s employment market under observation
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GBP/USD ANALYSIS |
GBP/USD Technical Analysis:
GBP/USD rebound from 1.1980 continues. there is a strong resistance at 1.2470 -1.25530 and after that in 1.2774 to limit upside at 1.31-34 price area. On the downside, below 1.2188 minor support will turn bias to the downside for retesting 1.1946 low
In the big picture There is no sign of bottoming, only break of 1.34-37 resistance will confirm medium term bottoming. Otherwise, outlook will remain bearish.
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GBP/USD TECHNICAL ANALYSIS |
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