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Forex Market: GBP/USD daily trading forecast

Yesterday’s trade saw GBP/USD within the range of 1.5667-1.5571. The pair closed at 1.5590, losing 0.24% on a daily basis.

At 12:30 GMT today GBP/USD was down 0.43% for the day to trade at 1.5523. The pair held in a daily range of 1.5522-1.5609.


United Kingdom

The Office for National Statistics reported today that the United Kingdoms economy expanded by an annualized 2.6% in the third quarter, trailing projections for 3.0% and matching a preliminary estimate. Quarter-on-quarter, GDP growth stood at 0.7%, in line with expectations.

The total value of inflation-adjusted capital expenditure made by private companies in the UK shrank by 1.4% in the third quarter compared the previous three months, defying analysts projections for a 0.7% jump. Year-on-year, business investment grew by 5.2%, trailing forecasts for 7.0%.

A separate report by the British Bankers Association showed that the number of new mortgages approved by BBA-backed banks in November fell to 36 700 from 37 200 a month earlier.

United States

The Commerce Department’s Bureau of Economic Analysis is expected to report that economic growth in the US probably accelerated to a final annualized reading of 4.3% in the the third quarter, an upward revision from a preliminary estimate of 3.9%. Meanwhile, durable goods orders, which reflect the health of the country’s manufacturing sector, likely grew by 3.0% in November, while a core measure probably rebounded to 1.1%.

Personal income likely rose by 0.5% in November on a monthly basis, compared to 0.2% in October. If confirmed, this would match expectations for a 0.5% jump in personal spending, which also grew by 0.2% the preceding month.

In other reports, December consumer sentiment likely remained high but an inch lower, with the corresponding Thomson Reuters/University of Michigan index projected at 93.1 from 93.8 in November, while new home sales increased.

Technical view


According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 1.5609. In case GBP/USD manages to breach the first resistance level at 1.5648, it may continue up to test 1.5705. In case the second key resistance is broken, the pair could advance to 1.5744.

If GBP/USD manages to breach the first key support at 1.5552, it may continue to slide and test 1.5513. With this second key support broken, movement to the downside could extend to 1.5456.

The mid-pivot levels for today are as follows: M1 – 1.5485, M2 – 1.5533, M3 – 1.5581, M4 – 1.5629, M5 – 1.5677, M6 – 1.5725.

In weekly terms, the central pivot point is at 1.5654. The three key resistance levels are as follows: R1 – 1.5766, R2 – 1.5899, R3 – 1.6011. The three key support levels are: S1 – 1.5521, S2 – 1.5409, S3 – 1.5276. is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

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