Monday 16 January Daily Forex trading tips GBP bearish?


Monday 16 January Daily Forex trading tips, ahead of  BoE Guvernor Mark Carney‘s speech this evening. Will he be able to reassure the markets of the strong economy. GBP in control? 

AtoZForex-A brief summary look at the day ahead, with insights into the Daily Forex trading tips.  On the economic calendar today there are no (0) remaining high impact data news events. There is one (1) medium impact news non-data based events. As GBP recovers, will be see further downside today?

Monday 16 January Daily Forex trading tips

AtoZforex Hint: Do not trade on a single news event, look at the total picture when news releases are at similar times. 

 # 1 EURUSD – Monday 16 January Daily Forex trading tips

Fundamentals –  Focus will remain on ECB, BoE and elections in Europe.

Economic side  There is no high impact news from the European side today.  USD continues to be main driver for this currency pair.

Technicals Intraday (H1 chart) – Currently, the hourly 20sma (sloping down) and above the 100sma (also sloping down).  MACD is in bearish territory and RSI are in the sell zone.  Price dropped in the Asian session and early European session and is now at a key support level at 1.0590.  Should price move further to downside we could see 1.0560-50 acting as a strong support level. If price breaks through and remains below the 1.0560-50 level, we cannot discount a move to the down side to initially 1.0485 then onto 1.0430 level. On the down side, we would like to see a clear break below the 1.0480 support level to shift our bias on the bearish side.

Monday 16 January Daily Forex trading tips GBP bearish? Daily Forex Trading Tips for EURUSD H1 (click to zoom in)

Fx Pending order – SELL LIMIT @ 1.0604; SL @ 1.06540; TP1 @ 1.0492; (TP2 @1.0432)

Please use correct risk and money management in line with your account size and draw down plan. These are not recommendations, you must carry out your own due diligence. 

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#2 GBPUSD – Monday 16 January Daily Forex trading tips

Fundamentals –  Brexit negotiations still main driver for the GBP and will remain so for the next two years. This month we expect a Supreme Court ruling on the High Court decision, the UK government is expected to lose this appeal.

Economic side- Today we have BoE Governor Mark Carney speaking. Tomorrow, it is PM Theresa May’s turn.

Technicals Intraday (H1 chart) – Currently, we have price below both moving averages. The hourly 20sma is sloping down and 100sma is flat, with the 20sma below 100sma.  MACD histogram and signal line are in bearish territory below the neutral level. RSI is moving into the neutral zone.  After price gapped downwards taking both minor and major support levels. Price broke below and tested the 1.1985 support level,  as price respected the 88.1% Fibonacci retracement zone. I expect a retest of the 1.2110-1.2105 zone and then reversing to the downside, with targets at or near the 100% and 110% Fibonacci retracement zone.

Monday 16 January Daily Forex trading tips GBP bearish? Daily Forex Trading Tips for GBPUSD H1 (click to zoom in)

Fx Pending order : SELL LIMIT @ 1.2105; SL @ 1.2165; TP1 @ 1.2018; (TP2 @1.1982; TP3 @ 1.1855)

Please use correct risk and money management in line with your account size and draw down plan. These are not recommendations, you must carry out your own due diligence. 

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