GBP/USD: Weekly Technical Analysis For Jan 4-8, 2016

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Fundamental Analysis:

The dollar held on to broad gains on Thursday, the last trading day of 2015, despite the release of disappointing U.S. economic data. With the first U.S. rate hike since 2006 out of the way, the focus is now on the pace of future rate increases. The Fed, from its forecasts, is anticipating four rate hikes next year.

Technical Analysis:

Initial bias this week stays on the downside with 21 and 55 EMA on the 4-hours time-frame crossed to the south, more sell off is to be seen in the pair. Also SSRC oscillator shows more selling momentum is building up and am expecting further decline to 1.4564 support first. A sustained break of 1.4564 support will see price fall further to 1.42260 low on the longer term picture.

However on the upside a break of 1.49433 resistance will dampen the bearish picture and turn weekly bias neutral.


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