28 December 2016


28.12.2016
GBP/USD

Technical Analysis
The cable pair show slightly upward movement in recent days. The price will retest the key level of 1.23 for this week. If breakout happen, strong potential bullish trend upcoming next year. Another thing to concern is when the price reach EMA55 as if the price tend to breakout the EMA55, there will be adding more pressure for upward momentum. Bullish divergence of MACD indicator againts price movement adding more indication of breakout pressure on this stage as investor will watch the price reaction on this key level.

Fundamental Analysis
The macroeconomic calendar empty since the release of Q3 GDP revision last Friday. For today, the only piece of relevant data will be November Mortgage Approvals. The pair remains sideway, although pressured lower by renewed fears over a hard landing once Theresa May pulls the Brexit trigger, and while trading activity is likely to remain subdued for the rest of the week, chances of an upward correction are scarce.



Source
Metatrader 4 Application
FXStreet

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