Sunday, September 9, 2018

GBP/USD - 10 September 2018


Fundamental Highlights

The Pound trades slightly lower due to pressure from the U.S Dollar as Friday's NFP report signaled positivity within the U.S economy. For today, the market will shift its attention towards the U.K'S GDP figure and the U.K's Manufacturing output. Positive readings from the U.K will cancel out the downward pressure from the greenback and lead to a rise in the British currency. With that being said, Sterling traders should not disregard monitoring any developments related to Brexit. At any time during the day, some official from the European or British side might make a statement that will reshape the whole outlook for the currency.

Technical Analysis

The pair keeps trading within a tight range around the three key moving averages representing indecision by investors. It seems like investors are awaiting the GDP figure release from the U.K. A miss in the U.K GDP number will lead to a break of the minor support level at 1.28899 exposing the 1.28289 level.

Support: 1.28899 1.28289
Resistance: 1.29608 1.30356

Chart (H4)