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FxGrow Daily Technical Analysis – 17th Oct, 2017
By FxGrow Research & Analysis Team
GBP/USD Trading Flat Ahead of UK Inflation Data
GBP/USD peeked yesterday to 1.3311 but failed to guard 1.3300 level and dipped to 1.2325 low and closed above 10-EMA at 1.2350 reviving the daily trend to turn bullish, depending on how the pair closes on daily time frame.
Today, the cable is trading flat with 38-pips price action after clocking 1.3268 high, ahead of UK CPI inflation report, followed by BOE's Gov. Carney with expectation for a tone to set the Pound in a certain direction depending on the data outcome. Expectations are placed at 3.00% compared to 2.9% on previous sessions. In case CPI managed to score a 3% and above, the pair will set a new course with a bull destination as the data could motivate Carney for a hawkish tone.
Technical Overview GBP/USD
Current price: 1.3256
Closing price: 1.3250
Target: None
Resistance levels: 1.3285 , 1.3333 , 1.3350
Support levels: 1.3240 , 1.3212 , 1.3154
Trend: Sideways
Comment: Overall the market is short term bearish with near term rebounds capped trying to push beyond 1.3285 resistance. A close over 1.3285* or pop over 1.3333-50 signals short term bottoming upturn and could launch a climb to the 1.3410+ area. The roll off from 1.3285 hints for bear forces to pressure selloff back with last Thursday's range. A close under 1.3200 alerts for secondary selloff.
For more in depth Research & Analysis please visit FxGrow.
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 Trading Flat Ahead of UK Inflation Data
GBP/USD peeked yesterday to 1.3311 but failed to guard 1.3300 level and dipped to 1.2325 low and closed above 10-EMA at 1.2350 reviving the daily trend to turn bullish, depending on how the pair closes on daily time frame.
Today, the cable is trading flat with 38-pips price action after clocking 1.3268 high, ahead of UK CPI inflation report, followed by BOE's Gov. Carney with expectation for a tone to set the Pound in a certain direction depending on the data outcome. Expectations are placed at 3.00% compared to 2.9% on previous sessions. In case CPI managed to score a 3% and above, the pair will set a new course with a bull destination as the data could motivate Carney for a hawkish tone.
Technical Overview GBP/USD
Current price: 1.3256
Closing price: 1.3250
Target: None
Resistance levels: 1.3285 , 1.3333 , 1.3350
Support levels: 1.3240 , 1.3212 , 1.3154
Trend: Sideways
Comment: Overall the market is short term bearish with near term rebounds capped trying to push beyond 1.3285 resistance. A close over 1.3285* or pop over 1.3333-50 signals short term bottoming upturn and could launch a climb to the 1.3410+ area. The roll off from 1.3285 hints for bear forces to pressure selloff back with last Thursday's range. A close under 1.3200 alerts for secondary selloff.
For more in depth Research & Analysis please visit FxGrow.
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.