Yesterday, the British pound fell by 100 pips due to a sharp increase in the budget deficit from £13.37bn in October to November’s £21.20bn.
GBP/USD did not receive any support from the sharp increase in retail sales index from the CBI, which showed 11 in December against -19 a month earlier. But this morning, the currency pair is rising, pulling up against the neutral state of other currencies. The 1.2155 level becomes a resistance. It is still easier for the price to go down to 1.1933.
On the four-hour chart, the downward movement is hampered by the double convergence, although it isn’t strong. If GBP does reach 1.1933, it will probably happen next week. The pound will probably continue to move sideways, but below 1.2155.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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