The GBP/USD pair is repeating yestreday’s
performance, having climbed to day at 1.2419, but retreating later back below
1.23. The current market price is 1.2295 and the pair maintains bearish bias.
The UK monthly retail sales numbers couldn’t
hold attention as British Pound was set on strong selling pressure. Meanwhile
the US Dollar is seen more attractive due to the uprising US treasury bond
yields. Anyway this Friday is quite interesting and is bringing fresh set of
uncertainty and increased volatility. The most important event - the Trump’s inauguration
is yet to come later on today and is going to cause some turbulence on markets
and to set more clear direction for the greenback.
From a technical perspective the GBP/USD pair
is keeping a bearish tone, as the price is placed well below the moving
averages and technical indicators are showing strong downward movement.
Immediate support is locates at 1.2250 and in case of breaking it, further
slide to 1.2200 is very likely. Looking to the upside resistance is now see at 1.2340
and higher at 1.2400.
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