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 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 British Pound declined heavily due to Brexit and created a new 31 year low versus the US Dollar. There was a support trend line formed on the hourly chart of the GBPUSD pair, which was broken and may act as a resistance moving ahead. In the UK, the PMI Construction was released by the Chartered Institute of Purchasing & Supply and Markit Economics. The outcome was positive, as there was an increase from the last reading of 49.2 to 52.3 in Sep 2016. GBPUSD Technical Analysis
The British Pound suffered heavy losses today, as it fell below the last low and formed a near low below 1.2800. Before the downside move, the GBPUSD pair broke a support trend line [...]
Key PointsThe British Pound remained in a downtrend versus the Japanese yen and may continue to trade lower. There is a support trend line formed on the hourly chart of the GBPJPY pair, which prevents losses every time there is a decline. In the UK today, the Consumer Price Index was released by the National Statistics. There was a decline of 0.1% in the CPI in July 2016, compared with the previous month. GBPJPY Technical Analysis
The British Pound traded lower recently against the Japanese yen before finding bids near a support trend line formed on the hourly chart of the GBPJPY pair. It is currently recovering but remains below the 21 hourly simple moving [...]