#GBPUSD @ 1.22905 gained traction and advanced toward 1.2300 on Monday. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• GBP/USD gained traction and advanced toward 1.2300 on Monday.
• The data from the UK showed that the UK economy grew by 0.5% in October.
• The improving market mood seems to be weighing on the US Dollar.

The pair currently trades last at 1.22905.

The previous day high was 1.2323 while the previous day low was 1.2201. The daily 38.2% Fib levels comes at 1.2276, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2248, expected to provide support.

GBP/USD gained traction and climbed to a fresh daily high near 1.2300 in the early American session on Monday. As of writing, the pair was up 0.23% on the day at 1.2282.

Earlier in the day, the data published by the UK’s Office for National Statistics showed that the Gross Domestic Product expanded by 0.5% on a monthly basis in October following the 0.6% contraction recorded in September. This data, however, failed to trigger an immediate market reaction.

Nevertheless, the improving market mood seems to be weighing on the US Dollar and helping GBP/USD continue to edge higher.

At the time of press, US stock index futures were up between 0.3% and 0.35%, pointing to a positive opening in Wall Street’s main indexes. Meanwhile, the US Dollar Index was posting modest daily losses at 104.80.

On Tuesday, the November jobs report from the UK will be looked upon for fresh impetus. More importantly, the US Bureau of Labor Statistics will release the Consumer Price Index figures later in the day. Investors will scrutinize these data releases and their potential impact on the Bank of England’s and the Federal Reserve’s upcoming policy announcements later in the week.

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.228 at the time of writing. Pair opened at 1.2257 and is trading with a change of 0.19 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1.2039, 50 SMA 1.1632, 100 SMA @ 1.1667 and 200 SMA @ 1.2121.

The previous day high was 1.2323 while the previous day low was 1.2201. The daily 38.2% Fib levels comes at 1.2276, expected to provide support. Similarly, the daily 61.8% fib level is at 1.2248, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.2198, 1.2139, 1.2077
• Pivot resistance is noted at 1.232, 1.2382, 1.2441

[/s2If]
Join Our Telegram Group