GBP/USD: camping out on the 1.22 handle after Trump's presser and US yields dropping

Ross J Burland FXStreet

Currently, GBP/USD is trading at 1.2235, up 0.55% on the day, having posted a daily high at 1.2273 and low at 1.2038.

Trump says nothing to support the dollar: DXY dropping and approaches 2017 lows

GBP/USD has settled on the 1.22 handle after a rally from 1.2038 leading into Trump's pre-inauguration presser and a large bid in the 10-year auction that sent yields lower and the dollar pressured back to below the 102 handle in the DXY.

At Carney's testimony before the Treasury Select Committee earlier, he noted that the biggest risks to UK's financial stability are coming from the global economy, while the Brexit process has the capacity to amplify them.

GBP/USD levels

Spot is presently trading at 1.2236, and next resistance can be seen at 1.2238 (Daily Classic R2), 1.2264 (Hourly 200 SMA), 1.2273 (Daily High), 1.2287 (Daily Classic R3) and 1.2305 (Weekly Classic PP). Support below can be found at 1.2231 (Hourly 100 SMA), 1.2204 (Daily Classic R1), 1.2190 (Yesterday's High), 1.2177 (Weekly Classic S1) and 1.2169 (Daily Open).

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.2306

30% Bullish
30% Bearish
40% Sideways

Bias Sideways

1 Month

Avg Forecast 1.2237

27% Bullish
60% Bearish
13% Sideways

Bias Bearish

1 Quarter

Avg Forecast 1.2098

5% Bullish
58% Bearish
37% Sideways

Bias Bearish

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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