Key PointsThe British Pound recently traded higher after forming a support at 1.2770-80 against the US Dollar. The GBPUSD pair broke a major bearish trend line at 1.2855 on the hourly chart to move higher. Today in the UK, the Nationwide Housing Prices were released for May 2017. The outcome was below the forecast, as there was a decline of 0.2% (MoM), more than the forecast of -0.1%. GBPUSD Technical Analysis
The British Pound after trading towards 1.2750-70 against the US Dollar, started trading in a range and consolidated. Later, the GBPUSD pair gained momentum, and moved above the 1.2800 resistance for a move towards 1.2900.
During the upside, the pair [...]
Key PointsThe British Pound after struggling to clear the 1.2960-80 resistance area against the US Dollar moved down. The GBPUSD pair broke a major support trend line at 1.2890 formed on the hourly chart. In China today, the Caixin China Services PMI™ for April 2017 was released by Markit Economics. The result was below the forecast, as the China Services PMI posted a decline from the last reading of 52.2 to 51.5 in April 2017. GBPUSD Technical Analysis
The British Pound traded with a positive bias this past week and moved above the 1.2920 resistance area against the US Dollar. However, the pair failed to test the 1.3000 level, and traded as high as 1.2965. Later, it moved [...]
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 [...]