UK inflation expected to rise in November

13 December, 2016

While the FOMC meeting remains the key event this week, on the economic front, it is a busy week for the British pound, starting with today's inflation data. Economists polled expect consumer prices to rise 1.10% in November, following a slower pace of increase during the previous month at 0.9%. For the GBP, today's inflation marks the first release among other economic releases including retail sales, jobs, and the BoE meeting.

GBPUSD Intra-day Analysis

GBPUSD (1.2667): GBPUSD was bullish yesterday closing at $1.2678. The bullish close comes following Friday's doji close after nearly three previous daily sessions of declines. On the 4-hour chart, following the breakout from the median line, the British pound is seen posting lower highs, with price capped near 1.2699 resistance. The 4-hour Stochastics is showing a bearish divergence which could see prices posing a downside risk. Support at 1.2500 remains a key level of interest which could be tested in the near term. Despite the near term risks of a pullback to 1.2500, the overall bias in GBPUSD remains to the upside with the potential to target 1.2800.

EURGBP Intra-day Analysis

EURGBP (0.8390): EURGBP has been trading flat with price continuing to consolidate above the minor support at 0.8373. As long as this support holds, the prospects of a bullish rally remain in place with the initial rally likely to push the single currency towards 0.8469 where resistance is likely to be challenged. Above this level, the neckline resistance of the inverse head and shoulders forming on the 4-hour chart remains vital for further upside. The bullish bias could be at risk if EURGBP dips below 0.8330 which marks the previous low.

EURUSD Intra-day Analysis

EURUSD (1.0629): EURUSD closed with a strong bullish engulfing pattern yesterday breaking above the price level of 1.0600. In the near term, further upside could be seen coming which could send the single currency higher to test 1.0700. Any pullbacks ahead of the rally to 1.0700 could be seen capped near 1.0580. As long as the previous low at 1.0524 is not breached, the bias remains to the upside. Above 1.0700, the previous resistance level at 1.0765 is likely to be targeted once again.


Source link  
Copper Surge Higher on Trade Optimism

Gold prices have been slightly softer this week due mainly to a rebound in the US Dollar. Despite heavily delayed US news flow, due to the ongoing US...

Japanese Inflation Hits Lowest Level

The latest Japanese inflation data did little to inspire hope in a change-of-course for BOJ policy anytime soon. Core inflation, which strips out energy...

Europe's Next Recession

Following the drop in US stock indices at the end of last year, there was quite a bit of press talk about a potential recession. But that has gone by the wayside now that the Dow managed...


Japan's Q2 GDP rebounds by 3.0%

The latest revised GDP numbers from Japan showed that the economy advanced faster than previously expected. The data on the final reading...

Dollar continues to slide

The greenback continued to weaken against some of the major currencies yesterday amid a quiet trading day...

Dollar looks to a new week

The US dollar index will be looking to a fresh week with the possibility of a rebound following last week's sharp declines..


US dollar rebounds as investor nerves cool

The US dollar managed to stem the strong declines after developments from Washington...

EURUSD unstoppable at a 6-month high

The euro surged ahead to a fresh 6-month high earlier this morning as the price was seen tradingþ...

Will UK's wages catch up?

The US dollar extended declines strongly for another day as economic data...


In the past 24 hours Bitcoin has lost -0.92% and reached $3573.66024849. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has gained 1.5351% and is now at $1.1563. Start trading and making money on Forex today.

In the past 7 days Ethereum has lost -9.56% and is now at $116.945703302. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Forex Market Analysis



Forex Currencies Forecasts



Top 10 Forex Brokers 2019

# Broker Review
1easyMarketseasyMarkets91%
2FXTMFXTM87%
3HYCMHYCM86%
4FxProFxPro84%
5FIBO GroupFIBO Group83%
6OctaFXOctaFX82%
7HotForexHotForex81%
8FXCMFXCM80%
9XMXM72%
10FP MarketsFP Markets69%
  


Share: