HomeContributorsTechnical AnalysisTechnical Outlook: GBPUSD Remains At The Back Foot Ahead Of Data

Technical Outlook: GBPUSD Remains At The Back Foot Ahead Of Data

Cable extends weakness on Wednesday’s after mixed previous day’s action ended in long-tailed Doji and signaled indecision.

Pound was lifted by media comments on Brexit, upside attempts above 1.40 handle were short-lived.

Fresh weakness tests again 10SMA (1.3952) which contained yesterday’s dip (Tuesday’s spike low lies at 1.3931) and sustained break lower is needed to signal further easing towards 1.3909 (Fibo 61.8% of 1.3764/1.4144 upleg).

Bearishly aligned daily techs are supportive but need further negative signals for confirmation.

UK jobs data are key event for pound today (avg. earnings are expected to remain unchanged at 2.5% in Dec along with unemployment rate (4.3%), while jobless claims are forecasted to fall in Jan (2.3K vs 8.6K in Dec).

A number of speakers from BoE today and FOMC minutes are expected to create firmer signals for sterling.

Res: 1.3977, 1.4018, 1.4049, 1.4104
Sup: 1.3952, 1.3931, 1.3909, 1.3854

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Featured Analysis

Learn Forex Trading