empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

17.01.202307:43 Forex Analysis & Reviews: Breaking forecast for GBP/USD on January 17, 2023

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

There is no wonder that the market got stuck amid the absolutely empty macroeconomic calendar. Today, the market is expected to remain stagnant despite the UK labor market reports. According to the forecast, the unemployment rate should remain unchanged. Thus, there is no reason to move.

What is more, tomorrow, the UK will disclose its inflation figures, whereas the US will report its retail sales and industrial production data. The publication of numerous important reports in one day and the long-lasting absence of macroeconomic news will boost the market. Traders will hardly take a risk until then. That is why the market is likely to remain stagnant, thus preparing for tomorrow's publications.

UK Unemployment Rate

Exchange Rates 17.01.2023 analysis

Approaching the resistance level of 1.2300, the pound/dollar pair caused a decline in the volume of long positions. As a result, the pair dropped by about 100 pips and entered the sideways channel.

On the four-hour chart, the RSI technical indicator is moving along the mid line 50, which corresponds to stagnation. Notably, the indicator did not settle below the middle line, which points to the bullish sentiment among traders.

On the four-hour chart, the Alligator's MAs have an initial intersection between the green and red lines. This technical signal points to stagnation. On the daily chart, the MAs are headed upwards, which corresponds to the upward cycle.

Exchange Rates 17.01.2023 analysis

Outlook

The existing stagnation could also be considered an accumulation process, which may cause new price swings. The intermediate support level is located at 1.2150, while the resistance level could be seen at 1.2300.

Under the current conditions, considerable changes will take place only after the price settles beyond either control level at least on the four-hour chart.

In terms of the complex indicator analysis, we see that in the short-term and intraday period, the indicator is showing mixed opportunities. In the mid-term period, the indicator is pointing to the upward cycle.

Dean Leo
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off