empty
 
 
17.01.2023 07:43 AM
Breaking forecast for GBP/USD on January 17, 2023

There is no wonder that the market got stuck amid the absolutely empty macroeconomic calendar. Today, the market is expected to remain stagnant despite the UK labor market reports. According to the forecast, the unemployment rate should remain unchanged. Thus, there is no reason to move.

What is more, tomorrow, the UK will disclose its inflation figures, whereas the US will report its retail sales and industrial production data. The publication of numerous important reports in one day and the long-lasting absence of macroeconomic news will boost the market. Traders will hardly take a risk until then. That is why the market is likely to remain stagnant, thus preparing for tomorrow's publications.

UK Unemployment Rate

This image is no longer relevant

Approaching the resistance level of 1.2300, the pound/dollar pair caused a decline in the volume of long positions. As a result, the pair dropped by about 100 pips and entered the sideways channel.

On the four-hour chart, the RSI technical indicator is moving along the mid line 50, which corresponds to stagnation. Notably, the indicator did not settle below the middle line, which points to the bullish sentiment among traders.

On the four-hour chart, the Alligator's MAs have an initial intersection between the green and red lines. This technical signal points to stagnation. On the daily chart, the MAs are headed upwards, which corresponds to the upward cycle.

This image is no longer relevant

Outlook

The existing stagnation could also be considered an accumulation process, which may cause new price swings. The intermediate support level is located at 1.2150, while the resistance level could be seen at 1.2300.

Under the current conditions, considerable changes will take place only after the price settles beyond either control level at least on the four-hour chart.

In terms of the complex indicator analysis, we see that in the short-term and intraday period, the indicator is showing mixed opportunities. In the mid-term period, the indicator is pointing to the upward cycle.

Dean Leo,
Especialista em análise na InstaForex
© 2007-2024
Ganhe com as variações das taxas das criptomoedas com a InstaForex.
Baixe o MetaTrader 4 e abra a sua primeira operação.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    PARTICIPE DO CONCURSO
  • Chancy Deposit
    Deposite US $ 3.000 em sua conta e receba $1000 mais!
    Em Junho nós sorteamos $1000 na campanha Chancy Deposit!
    Tenha a chance de ganhar, depositando $3,000 em sua conta de negociação. Após cumprir essa condição, você se torna um participante da campanha.
    PARTICIPE DO CONCURSO
  • Trade Wise, Win Device
    Abasteça a sua conta com pelo menos $500, inscreva-se no concurso e tenha a chance de ganhar dispositivos móveis.
    PARTICIPE DO CONCURSO
  • Bônus de 100%
    Sua oportunidade única de receber um bônus de 100% em seu depósito
    RECEBA O BÔNUS
  • Bônus de 55%
    Solicite um bônus de 55% em cada depósito
    RECEBA O BÔNUS
  • Bônus de 30%
    Receba um bônus de 30% toda vez que você fizer um depósito em sua conta
    RECEBA O BÔNUS

Recommended Stories

Não pode falar agora?
Faça sua pergunta no chat.
Widget callback