GBP/USD (week of 17-21/01)

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GBP/USD

Weekly Summary

After ending yesterday at 1.3554, the British Pound drops to 1.3554 (down 112 pips) .

A bearish end to the trading week, GBP/USD is mostly flat this week, after ranging between 1.369 and 1.3541 and is now at 1.3554. (Trade the Pound with FXTM now).

United Kingdom Claimant Count Change (Dec) released earlier shows an improvement to -43,300 from the preceding data of -95,100, but falls short of the projected -38,600. United Kingdom Average Earnings Index +Bonus matches expectations with new data release of 4.2. This is a step backward from the previous data of 4.9.

Nonetheless, encouraging indicators for the Pound published earlier when United Kingdom Consumer Price Index beats expectations of 5.2% with new data release of 5.4%. This is also a step forward from the previous data of 5.1%.

Meanwhile, United Kingdom CFTC GBP speculative net positions released today at 8:30 PM with a figure of -200, which is better than its previous number of -29,200. United Kingdom Retail Sales published today at 6:00 AM came out at -0.9%, falling short of the 3.4% projections and continuing its decline from the previous 4.3% figure.

Outlook for rest of the week: The market will be looking for upcoming data regarding United Kingdom Services PMI is expected Monday. United Kingdom Composite PMI is expected Monday. United Kingdom Manufacturing PMI is expected Monday.

Jan. 21, 2022

The British Pound retreats to 1.3554 (down 45 pips) after ending the previous session at 1.36.

(23:03) GMT

The Pound crashes after losing 45 pips, breaking down to 1.3554.

Meanwhile, United Kingdom CFTC GBP speculative net positions released today at 8:30 PM with a figure of -200, while the previous figure was -29,200. United Kingdom Retail Sales fall short of the 3.4% projections, with -0.9% and continued its downward trajectory from previous figure of 4.3%. United Kingdom Core Retail Sales published today at 6:00 AM came out at -3%, falling short of the 1.1% projections and continuing its decline from the previous 2.2% figure.

As the day reaches an end a chart visual study suggests next closest resistance is at 1.3711, while the nearest support level is at 1.3212. In terms of trend indicators, we can see that at 1.3573, the British Pound made an initial breakout below the 21 day Simple Moving Average, an indication of a negative trend. Asset volatility analysis shows that a slight indication of recovery comes from looking at the Bollinger bands: the lower band is at 1.3464, a low enough level to (usually) suggest that the British Pound is trading below its value.

Overall, the technical analysis picture suggests the British Pound is neutral for the immediate future, with no clear-cut direction.

Positive performances can be seen by looking at other symbols as EUR/NZD hit 1.6913, its highest rate in 3 months. EUR/AUD gained 0.99%, currently at 1.5811. USD/CAD is trading around 1.2583 after ending yesterday's session at 1.2505 (up 0.62% today).

The British Pound has gained 0.57% this year. A study on Pound/Dollar's past performance indicates that it is currently on a downtrend that started around a month ago.

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