GBPUSD Technical Analysis and Forecast September 13
As you know we were BULLISH on GBPUSD and entered LONG trade from 1.27000 levels.
The British pound has posted strong gains in the Tuesday session. In North American trade, GBP/USD is trading at 1.3264, up 0.80% on the day. On the release front, British CPI picked up speed, climbing 2.9% in August. This beat the estimate of 2.9%. In the US, JOLTS Job Openings improved to 6.17 million, easily beating the forecast of 5.96 million. On Wednesday, the UK releases wage growth, while the US will publish PPI.
It was an eventful day for the pound yesterday which saw a lot of volatility and that volatility is likely to continue for the rest of the week which has loads of data and economic events lined from the UK and hence the focus will be on the pound for the whole of the week. We had been mentioning over the past couple of days in our forecasts that the underlying strength of the pound was palpable and it is important for the traders to take note of that.
This piece of advice proved to be valuable as the GBPUSD pair shot higher on strong CPI data. But the way that the pair was moving, it looked as though the pound would have moved higher irrespective of what happened as far as the data was concerned. The CPI data came in better than expected and this was what the bulls were waiting for and they carried the pair through the 1.3250 region and the bullishness continued till the end of the day.
GBPUSD Technical Analysis
Our prediction, as we published before 1.3200- 1.34000 zone till end of the year.
GBPUSD is being priced at 1.33070 currently. On daily Chart, RSI is in the overbought area but is not giving fatigue signals.
1.33250 is the Fibonacci Expansion of 78.60% on daily chart. This level seems to play an important resistance role. Break above this level will carry the price 1.34200.
Possible pull back level for today is 1.32500 and this will be our support level for day trading strategy.
The current level is very important. Hourly closing above 1.33080 will carry the price 1.33360.
On the hourly chart, possible pullback levels are 1.32900 and 1.32750.
Our Strategy is clear. We will keep some of our LONG positions and will use pullbacks as BUY opportunities.
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