Wed 14th December 2022

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

  • GBPUSD
  • AUDCAD

Charts Provided by Charles Clifton

Daily Analysis By Jon Kibbler

GBPUSD Rallies Above Resistance

In today’s currency strength analysis video we can see an opportunity on GBPUSD as it trades above key resistance.

The GBP is S2 and USD is W2 on the trend traders tables. 

Fundamentally the USD has weakened after the recent CPI data announcement showed a decline in inflation. 

However, the Federal Reserve are set to announce a rate hike this evening which could add volatility to the pair.

Technical Observations

  • The GBP is S2 and USD is W2 on the trend traders table. 
  • Price is trading above Daily 200 Moving Average.
  • Resistance of 1.2250 has been broken and traded through.
  • Next level of resistance in 1.2650.
  • The 4hr time frame shows the price forming higher lows offering opportunities on pullbacks.

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