GBPUSD Analysis 05.12.2018

The royal currency fluctuated widely during the US session to its lowest since June 22 against the US dollar following developments and economic data followed Tuesday by the British royal economy amid the lack of economic data by the US economy, the largest economy in the world, which will miss On Wednesday for a holiday in honor of former US President George H Bush. W.

Bank of England Governor Mark Carney, who testified before the London Treasury Selection Committee on the UK exit agreement on a regular basis, said it was unlikely that the expected scenarios for the regular exit would occur. The European Union, with the worst exit scenarios with a market value of 10%.

Carney also noted that there had been fluctuations in the pound sterling over the past period, but that would not be disastrous again. He said he believed the financial sector was ready for any of the UK exit scenarios from the EU. Construction PMI expanded to 53.4 versus 53.2 last October, in contrast to expectations of a 52.5 contraction.

On the other hand, we followed Federal Reserve Governor Jerome Powell Powell and a member of the Federal Committee for the Eel Breinard in celebrating the distinction in community development and directing the inaugural opening of the Federal Reserve, Janet Yellin, to excellence in community development. About domestic employment and workforce trends in the New York Bank Federal Reserve.

We note that Fed Chairman Jerome Powell's testimony before the Joint Economic Committee for Congress, which was due to be seen on Wednesday on the economic outlook, was postponed because the forty-fifth President Donald Trump passed on December 5 this year A US official holiday in honor of former US President George HW Bush. W.

Paul's latest talk about rural America and the economy at the annual Housing Assistance Council meeting in Washington is expected to be held ahead of last week's US labor market data, which could reflect a stable unemployment rate of 3.7% for the third month in a row, Average hourly income, while reading the change in the employment of sectors other than agriculture may reflect a slower pace of job creation.

Technical analysis:

GBPUSD broke a strong break of 1.2730 and settled with a daily closing below it, approaching the pivotal support 1.2636 yesterday, and is now stuck between these two levels, waiting for one break to determine the next price direction more clearly.

From here, we will remain neutral until we get a clearer signal for the next direction, noting that a break of 1.2636 will press the price to incur further losses targeting the 1.2500 zones initially, while breaching 1.2730 will push the price to start new recovery attempts and achieve positive targets starting at 1.2962.

Trading was below the moving averages which are negative pressure on the price. However, it is moving away from it which is likely to correct the correction. While the Stochastic is approaching the oversold area, it is giving a bullish cross signal and thus sticking to the idea of ​​neutrality.

The trading range for today is expected among 1.2620 support and 1.2800 resistance.

Support and resistance:

Support: 1.2698-1.2650-1.2636;

Resistance: 1.2730-1.2773-1.2823.

The expected general trend for today: neutral.