GBPUSD Analysis 11.01.2019

The British pound fell during the US session to see its rebound since the end of last December against the US dollar following developments and economic data released by the British economy and its counterpart, the US economy, the world's largest economy.

Today, in the Asian session, the GBPUSD pair rose 0.1% to 1.2752 compared to the opening levels at 1.2745 after recording a low of 1.2736 and a high of 1.2766.

Technical Analysis

The GBPUSD pair did not show any strong movement yesterday, to keep fluctuating around SMA 50, so we do not change our bullish outlook based on stability above 1.2725 as a precondition, awaiting the move towards 1.2962 which is our next major stop.

Stochastic fluctuates within the oversold area and therefore any exit from this area will push us to see further bearishness on the GBPUSD pair

The trading range for today is expected among 1.2700 support and 1.2860 resistance

Support and resistance:

Support: 1.2713-1.2638-1.2585

Resistance: 1.2780-1.2860

The general trend for today is bullish