Fri 9th December 2022

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

  • GBPUSD
  • GBPCAD
  • EURJPY

Charts Provided by Charles Clifton

Daily Analysis By Jon Kibbler

GBPUSD Rangebound?

In today’s currency strength analysis video we identify if the price of GBPUSD will remain rangebound or move higher.

The GBP is S3 and USD is W2 on the day traders tables suggesting the market could move higher. 

However, US PPI data will be announced today which could turn the direction of the market. 

If the PPI numbers come in positive the USD weakness could reverse and we could see the USD strengthen. If the opposite occurs then the price of cable could rally through its current resistance point.

Currently price is being held between the daily 200MA and the 1.2250 level. 

Technical Observations

  • The GBP is S3 and USD is W2 on the day traders table. 
  • The price has traded in a strong upward trend since forming the low in September.
  • Currently the price is trading between the 1.2250 resistance and the Daily 200 MA support. 
  • The H4 chart shows the price working within a bullish channel. 
  • A break above the bullish channel highs and key resistance level should see the price move towards the 1.2650 highs.

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