Fri 2nd December 2022

Today, Our Daily Currency Strength Weakness Video will focus on:

  • GBPUSD
  • NZDUSD
  • CADJPY

Charts Provided by Charles Clifton

Daily Analysis By Jon Kibbler

GBPUSD At Resistance

In today’s currency strength video we will be looking at GBPUSD as the tables highlight the USD is the weakest currency at W1 on the trend traders table and the GBP is S3. 

The USD remains weak after the Federal Reserve Chairman spoke this week highlighting a slowdown in hiking rates. 

This could mean the USD could continue to be weak for sometime and this will benefit the GBPUSD price. However, the price of Cable has reached a resistance zone where some profits could be taken.

Technical Observations

  • The USD is W1 on both traders tables and the GBP is S3 on both trend tables.
  • Price has traded up to the key resistance of 1.2250 and could pass through to head towards 1.2650.
  • This could be an ideal place for traders long to take some profits as the price has moved over 900 pips since appearing on the tables.
  • The 4hr time frame shows a bullish channel in progress with the price at the top of the channel and the key resistance.
  • If the price respects the channel we could look for a move back to the channel lows and trendline support for further opportunities.

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