GBP/USD Forex Signal - 8 January 2015

Adam Lemon
Adam Lemon
on January 08, 2015 | Updated On Jan 08, 2015

By: DailyForex.com

GBP/USD Signals Update

Yesterday's signal expired without being triggered.

Today’s GBP/USD Signals

No signal is given today.

GBP/USD Analysis

The price fell yesterday again, fairly weakly, with the GBP being dragged down by the news that the Eurozone now has negative inflation. The fact of deflation ensures that weakness continues in the EUR which is still dspite recent changes highly correlated with the GBP. Later yesterday, following the FOMC release, the pair rose back near to opening prices, but has fallen again overnight. We open this morning very close to yesterday's lows.

I wrote yesterday that it was quite likely that if we broke below 1.5128, we would find support somewhere before 1.5000. This is logical, but just where that support might come in is a mystery. Looking above, there are no obvious resistance levels anywhere nearby, so I cannot use support and resistance methods to look for any trades in this pair today. This might be a good thing as we have some key news events today and the Non-Farm Payrolls data release tomorrow, and it might only be at the end of these releases that the market gets back on a more predictable and liquid footing.

GBPUSD 1815

There are high-impact data releases scheduled today concerning both the GBP and the USD. At Noon London time there will be a release of the Bank of England's Official Bank Rate plus the MPC statement. Later at 1:30pm there will be a release of the U.S. Unemployment Claims data.

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About the Author
Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.
Learn more from Adam in his free lessons at FX Academy

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