04.12.201809:07 Forex Analysis & Reviews: Trading plan for 04/12/2018

On Tuesday, the 4th of December, the event calendar is light in important data releases, but the global investors should pay attention to CPI data from Switzerland, Construction PMI data from the UK and Labor Productivity data form Canada. There are speeches scheduled for today from BOE Governor Mark Carney, BOE Deputy Governor for Monetary Policy Ben Broadbent and BOE Deputy Governor for Financial Stability Jon Cunliffe.

GBP/USD analysis for 04/12/2018:

As I have mentioned above, there are today in the UK speeches related to Treasury Select Committee Hearings when the Bank of England's representatives will report on their work. It is worth to keep an eye on the mass media reports from this hearings as they will directly affect the GBP behavior.

Let's now take a look at the GBP/USD technical picture at the H4 time frame. The market is trading just above the technical support at the level of 1.2696 and so far the bulls have managed to bounce the price away from it, but the price is still below the dashed black trend line resistance. The next target for bulls is seen at the level of 1.2795 or 1.2810. The key short-term technical resistance is a tad higher, at the level of 1.2824. The oversold market conditions might help bulls to lift the price, but the weak and negative momentum do not support this move so far.