FxGrow Daily Technical Analysis – 11th Jan, 2017
By FxGrow Research & Analysis Team
Sterling Shortens as US Dollar strengthens, Local Data in Sight
The curse of Brexit adds negative weight on UK pound further more as GBP/USD plunges yesterday 1.2107 Nov-2016-fresh-lows. British Pound took a short breath-break yesterday as the pair rallied to 1.2189 high, taking advantage of minor tripping US index sank to 101.84 low. US index recovered again in today in opening sessions causing further depression for the cable. GBP/USD made a first test on R1 1.2197, currently trading 1.2160, slightly above its daily Pp 1.2157
GBP awaits local data today with manufacturing production in spot light, scheduled at 9:30 AM GMT. Later today, governor Carney will make a speech on behalf of BOE discussing monetary policy.
Trend : Bearish
Key levels to watch : Daily Pp 1.2157
Resistance levels : R1 1.2197, R2 1.2264, R3 1.2363
Support levels : S1 1.2145, S2 1.2070 , S3 1.2018
Remark : Look forward for British local today today, later on Carney speech which can might give a positive injection for the pair depending on the outcomes. also Trump's speech today at 4:00 PM GMT which will impact US index levels.
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