Tuesday, October 15, 2019

GBP/USD

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Fundamental Highlights

It's a busy day ahead for the pound following a relatively quiet day yesterday. August earnings and unemployment figures are due out along with September's claimant count numbers. Any unexpected rise in unemployment, coupled with a larger than anticipated increase in claimant count would weigh heavily on the pound. However, Brexit will continue to be the main driver, and without any further progress on a deal, it is uncertain where the Sterling will go from here, and therefore increased volatility is to be expected.

Technical Analysis

During the whole day yesterday, prices traded within the previous day's range. The short-term trend looks bullish, however, and therefore the bulls are expected to keep charging today and buying might accelerate should prices move above the key important resistance level at 1.2705 where further buy stops could get triggered.

Support: 1.2575 / 1.25
Resistance: 1.2705 / 1.2760

Chart (H4)
GBPUSD