GBPUSD Analysis 23.01.2019

Sterling fell at the beginning of the session today after the rise in the meeting on Tuesday, supported by positive results from the royal economy and the negative results from the US economy

Today, at the opening of the Asian session, the pair fell 0.10% to 1.2948, compared to the opening levels at 1.2945 after the pair reached a low of 1.1.2940, while the highest at 1.2963.

Investors are looking for the US economy to release housing data with the Home Price Index reading, which may reflect slowing growth to 0.2% vs. 0.3% in October, before we see a reading of the Richmond Industrial Index which may show shrinking contraction to Up from $ 6 to $ 8 in December.

Technical Analysis

The GBPUSD rallied strongly yesterday to test the pivotal resistance at 1.2962, keeping the pair steady below this level, keeping the negative scenario intact so far, awaiting a bounce back towards the 1.2750 target.

A break above 1.2962 and stability above it will push the pair higher and test the 1.3070 level initially.

The trading range for today is expected among 1.2850 support and 1.3000 resistance

Support and resistance:

Support: 1.2876-1.2750-1.2662

Resistance: 1.2970-1.3015-1.13100

The general trend for today is bearish