GBPUSD Analysis 24.01.2019

The British pound will continue its bullish trend despite the lack of economic data on Wednesday and Thursday on the British economy to keep the impact of the news of the market is the main impact of the movement of the royal currency for the week. Waiting for the expected results of the economy Amersx, which will be issued today later

Today, at the opening of the Asian session, the pair rose 0.30% to 1.3092 compared to the opening levels at 1.3065 and returned to the level of 1.3071 after writing the report after reaching the lowest level of trading at 1.1.3064.

On the other hand, markets are looking to the US Senate vote later today on Democratic-backed legislation to end the partial closure of the federal government, the longest in the history of the United States of America, knowing that President Donald Trump has repeatedly noted that he did not Provisional funding for the government is approved by Congress unless it includes a package to fund a border wall with Mexico.

Otherwise, investors are currently waiting for the US economy to release the Jobless Claims reading for the week ending January 19, which could reflect a 6K increase to 219,000 in the previous weekly reading before we see the initial reading of the Managers Index Industrial Procurement and Service Markit for the United States and the release of leading indicators for the last month.

Technical Analysis

GBPUSD traded strongly yesterday to break through 1.2962 and achieve the first positive target expected to breach at 1.3070. We note that the price starts today positively in a sign to continue to rise in the coming period. The upside is expected for today, awaiting a visit to the level of 1.3226 as the next main station .

The positive support for the price comes from the moving averages 7-20-50 that move under the AYE and push it upwards. And a stochastic indicator that is running in a sideways path within the overbought area.

We note that the continuation of the bullish trend requires stability above 1.2962.

The trading range for today is expected among the support at 1.3000 and the resistance at 1.3170

Support and resistance:

Support: 1.2972-1.2876

Resistance: 1.3105-1.3226

The general trend for today is bullish