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2017.01.1210:38:00UTC+00Fxwirepro: Gbp/usd Rallies Above 1.2250 But Reversal Is Likely

  • The GBP/USD pair rose on Thursday as the dollar fell following U.S. President-elect Donald Trump's long-awaited news briefing the day before.
     
  • Trump delivered a wide-ranging briefing on Wednesday that lasted longer than expected but contained no details on tax cuts and infrastructure spending.
     
  • However, further upside is expected to be limited as the pound presents negative tone and is set to resume downward momentum against the dollar.
     
  • To the upside, the strong resistance can be seen at 1.2355, a break above this level would expose the pair towards next resistance level at 1.2405.
     
  • To the downside, immediate support can be seen 1.2178, a break below at this level will open the door towards next level at 1.2100.

    Resistance Levels

    R1:  1.2292 (50 % Retracement level)      

    R2: 1.2355 (Jan 4th high)

    R3: 1.2405 (61.8% Retracement level)

    Support Levels

    S1: 1.2178 (38.2% Retracement level)    

    S2: 1.2100 (Psychological levels)               

    S3: 1.2037 (23.6% Retracement level)    



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