Daily Forex Forecast By XtreamForex

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GBP/USD Forecast | Daily Technical Analysis for January 5, 2017

Technical Forecast Overview

Yesterday Closed 1.2321
Today Open 1.2321
Day’s Range 1.2317 - 1.2349
52 wk Range 1.1450 - 1.5020
1-Year Return - 15.85%

GBP/USD Technical Support and Resistance

Possible trading range for today 1.2317 - 1.2349

GBP/USD forecast : GBPUSD pair possibly will find the immediate support at 1.2245. If, market breaks the first support then it will go for the following support to test. Following supports are 1.2212 and 1.2159.

On the other side the market has immediate resistance at 1.2351. If, market breaks the primary resistance level then, market will go for the new resistance level 1.2384 and 1.2437.

GBP/USD Fundamental Analysis
The GBPUSD made brisk progress yesterday and today morning as the dollar strength underwent a correction after the release of the FOMC minutes. The markets had been subdued for most of the day yesterday but the action has picked up ever since the release of the FOMC minutes during the middle of the NY session yesterday and this action has seen the correction of the dollar almost all across the board.

We have the services PMI from the UK and the ADP Employment data, Non-Manufacturing PMI and Unemployment Claims from the US today. All these data will be keenly watched by the market as a lead up to the important NFP report tomorrow and the rest of the week could set the tone for the markets for the entire month. Strong data from the US over the next couple of days could see the return of the dollar strength, which could then extend to rest of the month.

GBP/USD Important Economic Events: (GMT +2)
1. 11:30am GBP Services PMI
2. 3:15pm USD ADP Non-Farm Employment Change
3. 3:30pm USD Unemployment Claims
4. 4:45pm USD Final Services PMI
5. 5:00pm USD ISM Non-Manufacturing PMI
6. 5:30pm USD Natural Gas Storage