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The British pound see-sawed against the US dollar on Friday before closing at a loss for the day of -0.56 percent. GBPUSD initially climbed up to 1.31 early in the Trading session but met enough resistANCe at that level to reverse downward. Weak retail sales figures for the month of December weighed heavily on the British pound.
The UK released its retail sales figures on Friday and all of them came in well below expectations, triggering a sell-off in the pound. Overall retail sales year over year for the month of December only increased by 0.9 percent versus the consensus of a 2.6 percent increase. The large deviation suggests the actual health of the UK consumer sector is worse than predicted.
Other than the economic data, it is difficult to pinpoint the major catalyst behind the movement in the British pound. Markets are showing signs of a slowdown in trade volumes as investors remain more or less in a holding pattern. The upcoming trade deal to be negotiated between the UK and the EU over the Brexit deal has been garnering most of the attention and will continue to influence heavily the GBPUSD pair. Traders will have to wait for further details on the content of the trade deal to be released publicly in order to form an opinion on the direction of the pound.
(Chart Source: Tradingview 19.01.2020)
Looking at the technical picture, the GBPUSD remains within the Trading range of 1.30 to 1.32 since the start of December. We can notice a potential head and shoulder formation occurring in the daily chart which suggests the possibility of a large move in the market coming soon. Bulls will be looking for the short-term moving average in red to act as a support to reignite upward momentum in the pair. The upside target will remain 1.32 for the short run, as details on the content of the UK-EU trade deal will slowly start feeding into the market in the coming weeks. Should the immediate support fail to hold, bears will likely try to push the price towards the 50 percent Fibonacci retracement level at the 1.28 handle, corresponding to the previous support level between mid-October to November. The GBPUSD market is expected to remain choppy ahead of the departure of the UK from the EU on January 31st.
Disclaimer: This material has been created for information purposes only. All views expressed in this document are my own and do not necessarily represent the opinions of any entity.
本文标题：GOLDWELL：Daily Market Recap - GBPUSD
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