GBPUSD Analysis 09.01.2019

The British pound is on the rise after falling to its highest level since the end of December against the US dollar following developments and economic data that followed on Tuesday the British economy and the US economy, the world's largest economy.

Today, we are watching the news of the British Central Bank Governor Mark Carney. We followed the RBA from the Halifax House Price Index, which rose 1.2% from 0.7% in November, beating expectations for a 0.5% rise, while The annual reading of the same index for the last three months last month showed that growth accelerated to 1.3% versus 0.3%, also above expectations of 0.4%.

In other words, James Salack, a spokesman for British Prime Minister Theresa May, said the British government might propose a parliamentary vote on Britain's exit from the European Union on Jan. 15, Depends on the approval of the British Parliament it, adding that Mai is still working to get assurances about the Pakstop plan.

Slack also said that the British government's policy does not include the extension of Article 50 of his country's exit from the European Union and that members of parliament will be informed of the assurances of an exit agreement before the vote. In the same context, Britain's exit minister Stefan Barclay said there will be challenges The extension of Article 50, which sets Britain's date of departure within two years of informing the European Council of the desire to leave the Union.

Barclay said there had been consultations about delaying the date of his country's exit from the European Union, but that the UK would leave the union on March 29 and that the parliament would vote on the exit agreement later next week, Open to the possibility of changing their attitude towards the exit agreement, which May reached with the leaders of the European Union recently.

This follows the recent report that the British government is considering extending the date of Britain's exit from the European Union and the possibility of extending Article 50, while Article 50 imposes on the country wishing to exit the EU that if they are to exceed the two-year negotiation period , To obtain the consent of all other Member States of the European Union to extend this period.

On the other hand, we have followed US President Donald Trump in Washington about US border security and the partial closure of the federal government, which is entering its third week in a row. Otherwise, the markets are looking forward to what the FOMC member and Fed Chairman Eric Rosengreen on the economic outlook for the world's largest economy at the Boston Economic Club.

Before we see the release of the Federal Open Market Committee meeting held on December 18-19, in which the Fed's monetary policymakers agreed to raise the federal funds rate for the fourth time last year by 25 points Under the leadership of Federal Reserve Governor Jerome Powell to between 2.25% and 2.50%, which was expected by the markets at the time.

Technical Analysis

GBPUSD moved closer to the 1.2700 barrier and is back to the upside, so that the bullish scenario remains unchanged for the coming period, relying on stability above 1.2636, noting that our main awaited target is at 1.2962.

Keep in mind that breaking 1.2636 will press the price to resume the bearish trend in the short and medium term.

The trading range for today is expected among 1.2680 support and 1.2840 support

Support and resistance:

Support: 1.2713-1.1.2638-1.2586

Resistance: 1.2780-1.2875

The general trend for today is bullish