Thursday, December 1, 2016

GBP/USD TECHNICAL OUTLOOK : 2.12.2016

GBP/USD TECHNICAL OUTLOOK : 2.12.2016
NIFTY FUT  TREND             : SELL ZONE
BANKNIFTY FUT  TREND  : SELL ZONE




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GBP/USD. Pair after opening at 1.2612 made a high of 1.2642, and seen some short covering after a pull back , but it respected 1.2450 mark and saw some bounce few days back from this levels but 1.25-1.26 has been strong resistance in the pair and now taken out so likely to see some more bounce in the pair in the intraday sessions.

Fundamental Overview

Pound is trading at 1.2605, rallying past the 1.26 mark in yesterday’s session on the news that UK could retain access to the single market in EU after Brexit. Pound continues to remain vulnerable to Brexit related news and any positive comments will propel the pair higher. Construction PMI data scheduled to be reported today, if better than expected could drive the pair higher but the US dollar rally should keep tabs on sharp appreciation.

Economic Data & News

TIME COUNTRY DATA ACTUAL SURV PREVIOUS
3:00:00 PM GBP Construction PMI (Nov) 52.2 52.6