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[QUOTE="Andrea ForexMart, post: 118682, member: 36651"]
[B][SIZE=5]GBP/USD Technical Analysis: January 9, 2017[/SIZE][/B]

There is no major economic news anticipated in the United Kingdom last Friday. While the data from U.S affected the market as traders awaits for the figures of trade balance and labor data.

After it reached the 1.2430 level in the Asian session, the GBP/USD weakened and shifted downside. The British currency returned to the support region 1.2400 where it met a stable support during the morning trades.

The cable pair extremely toggles in a narrow range amid EU session waiting for a renewed stimulus. Furthermore, a selling interest arises before the onset of the NY trades as it pushed the pair downwards.

As shown in  the 4-hour chart, the price drove the 50 and 100-EMAs higher. The pair remained in the middle of the neutralize 200-EMA and bearish 100-EMA in the earlier trading. Resistance entered the 1.2400, support touched the 1.2300 region.

The technicals had a moderate reversal from the overbought zone. The MACD indicator traded in the downside. The RSI stayed around the overvalued readings.

In case the GBPUSD breakout within the 1.2400 resistance level upon the establishing of buy orders, the price recovery may extend through the marks 1.2450 and 1.2500. However, a negative signal and further risk easing would emerge when a movement push through the 1.23 level. Furthermore, sellers were able to send the pair towards 1.2200.

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