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17/06 - GBPUSD continues to climb ahead of FOMC

17/06 - GBPUSD continues to climb ahead of FOMC

dollar, Pound, Sterling, Pound Sterling, Sterling Pound, GBP, GBP/USD, GBP/USD Forecast, GBPUSD analysis, GBPUSD outlook, GBPUSD technical analysis, Bank of England, BOE, Mark Carney, U.S Dollar, USD, GBP/USD outlook, GBPUSD forecast, GBP/USD projections, GBPUSD projections, MPC, monetary policy committee, forward guidance, asset purchase facility

17 June, AtoZForex.com, Singapore — GBPUSD continues to climb ahead of U.S FOMC Statement. Candles now draw near Fibonacci Retracement 78.6% at 1.5675, which coincides closely with the resistance of the previous high. With the release of U.K Claimant Count Change later in the day, high volatility is expected and traders could trade the impulse of the news release. However, positions entered are not advised to be held for long term as the release of FOMC Statement tomorrow continues to pose uncertainty for the Dollar and higher volatility is expected. Attention should be paid to price 1.5675 today where we may see bearish forces push prices down.

dollar, Pound, Sterling, Pound Sterling, Sterling Pound, GBP, GBP/USD, GBP/USD Forecast, GBPUSD analysis, GBPUSD outlook, GBPUSD technical analysis, Bank of England, BOE, Mark Carney, U.S Dollar, USD, GBP/USD outlook, GBPUSD forecast, GBP/USD projections, GBPUSD projections, MPC, monetary policy committee, forward guidance, asset purchase facility

Observing the H4 chart, candles initially went down due to the release of a neutral U.K CPI y/y after prices just touched Fibonacci Expansion 161.8% at 1.5611. However, candles subsequently reversed and went on a bullish run which was probably due to speculations of a weak Dollar ahead of the release of FOMC Statement. Traders should pay attention to the region between Fibonacci Expansion 200.0% at 1.5717 and 1.5675 where we may see resistance to the bullish run of the pair.

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dollar, Pound, Sterling, Pound Sterling, Sterling Pound, GBP, GBP/USD, GBP/USD Forecast, GBPUSD analysis, GBPUSD outlook, GBPUSD technical analysis, Bank of England, BOE, Mark Carney, U.S Dollar, USD, GBP/USD outlook, GBPUSD forecast, GBP/USD projections, GBPUSD projections, MPC, monetary policy committee, forward guidance, asset purchase facility

Focusing on the hourly chart, bullish movements start to slow down as observed by the short bullish candles for the past 12 hours. Candles are likely to fall soon and traders should take note of price 1.5675. Assuming that candles find resistance at 1.5675 and falls back down today, the nearest possible support lies at the 55 EMA.

Trend Direction
 S3
S2
S1
R1
R2
 R3
 
 
Bullish if prices break above 1.5675 1.5468 1.5513 1.5590 1.5675 1.5717 1.5800

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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