Key PointsThe British Pound after trading as low as 1.2380 against the US Dollar started a recovery. The GBPUSD pair is currently facing a major resistance near 1.2470-80 on the hourly chart. In the US, the total Net TIC Flows report for Dec 2016 was released by the US Department of Treasury. The result was mixed, as it came in at $-42.8B in Dec 2016, compared with the last $23.7B. GBPUSD Technical Analysis
The British Pound traded higher recently from the 1.2400 swing low against the US Dollar, and traded above the 1.2420 resistance area. However, the GBPUSD pair is currently facing a major resistance near 1.2470-80 on the hourly chart.
There is a bearish [...]
Key PointsThe British Pound traded lower against the US Dollar, and broke the 1.2400 support. The GBPUSD pair also broke a support trend line at 1.2395, which opened the doors for more declines in the near term. Today in the UK, Halifax House Price Index for Jan 2017 was released by the HBOS. The result was on the lower side, as there was a decline of 0.9% in Jan 2017, compared with the forecast of 0%. GBPUSD Technical Analysis
The British Pound suffered heavy losses against the US Dollar recently, as it broke the 1.2450 and 1.2400 support levels. There was a downside move, breaking a support trend line at 1.2395 on the hourly chart of GBPUSD.
The pair is now [...]
Key PointsThe Euro recently traded higher but failed to break the 1.0770 resistance area against the US Dollar. There was a bullish trend line broken at 1.0750 on the hourly chart of EURUSD, which can be seen as a bearish break. Today, the Euro Zone Manufacturing Purchasing Managers Index (PMI) was released by the Markit Economics. The result was better than the forecast, as there was a rise to 55.1 from the last 54.9 in Jan 2017 (preliminary). EURUSD Technical Analysis
The Euro started moving down after trading as high as 1.0773 against the US Dollar, and traded below 1.0750. During the downside move, the EURUSD pair broke a bullish trend line at 1.0750 on the hourly chart [...]