FxGrow Daily Technical Analysis – 09th Dec, 2016
By FxGrow Research & Analysis Team
GBP/USD Sinks on stronger US dollar, Awaiting local data
GBP/USD rallied on yesterday's trading sessions to 1.2704 highs, but failed to hold strongly gains against greenback as the pair bearish-ed to 1.2548 lows. There were no macroeconomic signals from Big Ben, although it was the final day of the Supreme Court's hearing on Brexit, to decide whether Theresa May should get the Parliament's permission to trigger the Article 50, but a decision will be known probably next week. Sterling is still on soft ground as long as supreme court is still postponing the final decision regarding it's pre-twin-mate, the Eurozone.
Trend : bearish sideways
Key levels to watch : Weekly Pp 1.2619
Resistance levels : R1 1.2634 , R2 1.2683, R3 1.2729
Support Levels : S1 1.2528, S2 1.2484, S3 1.2420
Remark : Look forward for UK data today at 9:30 AM GMT, later on US data at 3:00 PM GMT which will create some volatility but the main focus is currently shifted towards next Fed Rate meeting and possible outcomes.
For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools
Note: 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.
By FxGrow Research & Analysis Team
GBP/USD Sinks on stronger US dollar, Awaiting local data
GBP/USD rallied on yesterday's trading sessions to 1.2704 highs, but failed to hold strongly gains against greenback as the pair bearish-ed to 1.2548 lows. There were no macroeconomic signals from Big Ben, although it was the final day of the Supreme Court's hearing on Brexit, to decide whether Theresa May should get the Parliament's permission to trigger the Article 50, but a decision will be known probably next week. Sterling is still on soft ground as long as supreme court is still postponing the final decision regarding it's pre-twin-mate, the Eurozone.
Trend : bearish sideways
Key levels to watch : Weekly Pp 1.2619
Resistance levels : R1 1.2634 , R2 1.2683, R3 1.2729
Support Levels : S1 1.2528, S2 1.2484, S3 1.2420
Remark : Look forward for UK data today at 9:30 AM GMT, later on US data at 3:00 PM GMT which will create some volatility but the main focus is currently shifted towards next Fed Rate meeting and possible outcomes.
For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools
Note: 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.