GBP News

GBPUSD is testing 1.3229 resistance, a breakout of this level could take price to the key resistance at 1.3337. As long as this level holds, the sideways movement in the trading range between 1.3027 and 1.3337 could be treated as consolidation of the downtrend from 1.3657 (Sep 20 high), and another fall towards 1.2774 support is still possible. Near term support is at 1.3027, a breakdown below this level could signal resumption of the downtrend. On the upside, a breakout of 1.3337 resistance will indicate that lengthier correction for the downtrend from 1.3657 is underway, then further rise to 1.3470 area to complete the correction is possible.

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GBPUSD’s upside movement from 1.3039 extended to as high as 1.3279. Further rise to test 1.3337 key resistance is still possible in the coming days. As long as this level holds, the sideways movement in a range between 1.3027 and 1.3337 could be treated as consolidation of the downtrend from 1.3657 (Sep 20 high), and another fall towards 1,2774 support is still possible after the consolidation. Near term support is at the rising trend line on the 4-hour chart, a breakdown below the trend line could bring price back to next support level at 1.3130. Below this level will confirm that the short term uptrend from 1.3039 is complete, then next target would be at 1.3027, followed by 1.2900. On the upside, a breakout of 1.3337 resistance will suggest that lengthier correction for the downtrend from 1.3657 is underway, and this could trigger further upside movement towards 1.3470.

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The UK government set aside an additional GBP 3 billion over the next two years to aid the process of the country's exit from the European Union and slashed the growth forecasts for the next few years mainly due to a significant downward revision to potential productivity growth.

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London has the biggest pay gap between male and female full-time workers in the UK, latest data from the Office for National Statistics showed Monday.

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UK economic growth is set to remain steady but sluggish as squeezed real wages dampen household spending and Brexit uncertainty weigh on business investment, the Confederation of British Industry said in a report on Monday. Elsewhere, the results of the Purchasing Managers' survey showed that construction output expanded the most in five months in November, driven by housing activity.

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The GBPUSD pair remains in uptrend from 1.3039, the fall from 1.3549 could be treated as consolidation of the uptrend. As long as the price is above the trend line, the uptrend could be expected to continue and next target would be at 1.3657 (Sep 20 high). Near term resistance is at 1.3549, a breakout of this level could signal resumption of the uptrend. Near term support is at 1.3375, below this level could trigger further decline towards the rising trend line on the 4-hour chart now at around 1.3280. Only a clear break below the trend line could signal completion of the uptrend.

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British service sector growth moderated in November from a six-month high as Brexit uncertainty weigh on growth and confidence, survey data from IHS Markit showed Tuesday. The IHS Markit/Chartered Institute of Procurement & Supply Purchasing Managers' Index, dropped more-than-expected to 53.8 in November from 55.6 in October.

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The GBPUSD pair failed in it attempt to break below the bullish support trend line on the 4-hour chart and rebounded strongly from 1.3319, suggesting that the pair remains in the uptrend from 1.3039. As long as the price is above the trend line, the price action from 1.3549 could be treated as consolidation of the uptrend. Further rise to test 1.3549 resistance would likely be seen after the consolidation, and a breakout of this level will indicate that the uptrend has resumed, then next target would be at 1.3657 (Sep 20 high). On the downside, a breakdown below 1.3319 support will confirm that the uptrend had completed at 1.3549 already, then deeper decline to next support level at 1.3220 could be seen. Below this level could trigger further downside movement towards 1.3027 (Oct 6 low).

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UK manufacturing order books were close to a 30-year high in the fourth quarter, monthly Industrial Trends survey from the Confederation of British Industry showed Monday.

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The Bank of England announced on Wednesday that it will allow EU banks and insurers to operated normally in the U.K. post-Brexit and is undertaking a review of its authorizing and supervision policies for international firms. "The foundation of the Bank of England's approach is the presumption that there will continue to be a high degree of supervisory cooperation between the UK and the EU," the bank said in a statement.

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