Pair closed last week’s trading session unchanged as it was widely expected due to the lack of any high impact economic releases and due to the mooted holiday season. The better than expected gross domestic product in the US did not convinced traders to enter into new positions and kept the pair hovering around same level as the week before.
As for this week All traders and investors will continue trade into a mooted trading session with no high impact events during Christmas holidays and new year. We are expecting markets to be same calm and mooted as last week.
On the economic calendar, we have no economic releases
Technically the picture is positive after last week’s close around same levels. In this week’s trading session if pair continues on the upside could retest 100% 1.0750 Alternatively, if pair resumes the downside we are expecting to retest 1.0300 (61.8%). Our traders are short between 1.0500 – 1.0650 targeting profits at 1.0300 we are expecting more aggressive sellers around 1.0700 Alternative if pair retreats on the downside we are expecting new buyers at 1.0300 targeting profits at 1.0600
Pair closed last week’s trading session lower as traders and investors are selling off GBP with increasing fears that UK will enter into recession in 2023. The worst than expected gross domestic product in the UK and better than expected gross domestic product in the US, forced investors and traders to discard their GBP and turn into US Dollar.
As for this week we are expecting investors and traders to stay on the side avoid entering into new positions ahead of new year. With the light economic calendar, the Christmas holidays and new year holidays trading will be calm. The lack of any high impact events will also be another reason for a mooted week ahead.
On the economic calendar we have nothing to follow.
Technically the pair is positive even though it continue on the downside and closed just on 61.8% level. As for this week if pair resumes upside could retest 100% alternative a break below 61.8% could accelerate losses and change the overall picture to neutral. New buyers appear at 1.2060 (61.8%) targeting profits around 1.200 We are expecting more aggressive buyers on the way down. Alternative if pair turn on the upside sellers could appear around 1.2300
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