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GBP/USD Technical analysis 11 January 2019

2019-01-10 11:45 pm | Resource: Technical Analysis | No Views : 191

Time frame Used - four hours
The GBPUSD is moving in a sideway direction in the near term.
GBP/USD CHART
The GBP/USD is still facing resistance and selling pressure around the resistance level of 1.2816 , but it is worth noting that the GBPUSD pair has once again rebounded from the top of the Bollinger 20 moving average line , Where the GBP/USD remains in a state of confusion over the BREXIT.
  In view of the technical indicators
Both the RSI and the Stochastic are indicating signs of recovery.
Therefore, we expect that the GBP/USD will breach level of  1.2816 to upside for targeting levels of  1.2883 - 1.2950, and this scenario would fail if the GBP/USD broke the 1.2690 level down.
The alternative scenario is that the GBP/USD violent level of 1.2690 down to drop to levels of  1.2600 - 1.2525.
recommendation
Our view is neutral about GBP/USD currently.
The fundamental overview
• On the economic data level, traders will follow up on the latest news about the BREXIT, In addition to the release of several important reports with a strong impact on the pound sterling, where the British manufacturing production report will be issued on a monthly basis at 4.30 am GMT, measuring the change in the total value adjusted on the basis of inflation outputs produced by manufacturers on a monthly basis, British GDP data released on a monthly basis at 4.30 am GMT, with the change in the inflation-adjusted value of all goods and services produced by the economy.
• The US Core Consumer Price Index and the US Consumer Price Index will be released on a monthly basis at 8.30 am GMT.
Resistance: 1.2816 - 1.2883 - 1.2950
Support: 1.2690 - 1.2615 - 1.2478
Direction: sideway
Technical Analysis
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