Get Ready For The Holiday Week
Last week, US GDP growth was unrevised from the second estimate; US GDP printed of 2.1%, indicating the consumer was once again the major driving force behind GDP.
Eurozone CPI inflation picked up to 1% in November from a three-year low of 0.7% in October, matching expectations. However, the headline rate is still well below the ECB’s goal of just under 2%.
Looking ahead, we will closely watch the Core Durable Goods Orders in the US. Durable goods orders excluding transportation in the meantime are expected to rise to 1.4% in November from a 0.5% rise in the previous month.
Get ready for the holiday week. Liquidity over the Christmas holiday is expected to be particularly thin so please take the necessary precautions to ensure you are not affected by increased volatility and intermittent pricing.
Keep your eye on the 1.1052 main support level in the EURUSD pair. As long as the price stays above 1.1052 on a daily basis, the downward movement may pause and the resistance level can be found at 1.1114 again. On the other hand, if the price moves down 1.1052, we will see 1.1007 as the next support level
Support : 1.1052 - 1.1007 - 1.0965
Resistance : 1.1114 - 1.1165 - 1.1237
BOE left bank rate unchanged at 0.75%; votes 7-2, last week. The central bank said that; If global growth fails to stabilize or Brexit uncertainties remain entrenched, monetary policy may need to reinforce expected UK recovery.
UK confirmed Andrew Bailey as the next BOE governor. New BoE governor Bailey will take over from current governor Mark Carney on March 15, 2020.
UK GDP grew by 1.1% on a year-to-year basis in the third quarter. That was an upward revision from the preliminary estimate of 1.0%.
Moreover, EU Withdrawal Agreement Bill passed in the UK Parliament by 358 versus 234
The GBPUSD pair showed a downward movement last week. Watch out the 1.2947 main support level in the upcoming week. As long as the price stays above 1.2947 on a four hourly basis, the resistance levels will be at 1.3046 and 1.3136. On the downside, if the pair drops below 1.2947, the next support level can be found at 1.2838.
Support: 1.2947 - 1.2838 - 1.2768
Resistance: 1.3046 - 1.3136 - 1.3231
Focus on the main support level of 109.39 in the USDJPY pair. As long as the price stays above 109.39 on a four hourly basis, we will face 109.72 as the daily resistance level. Otherwise, if the price falls below 109.39, we will see the next support level at 109.09.
Support : 109.39 - 109.09 - 108.79
Resistance: 109.72 - 110.36 - 110.93
We are closely watching the main resistance level of 1478. In order for the rise to gain more momentum, it needs to stay above 1478 on a four hourly basis. In this case, the next resistance level can be seen at 1492. Otherwise, the support level can be found at 1466.
Support: 1466 - 1453 - 1440
Resistance: 1478 - 1492 - 1509
22 Dec 19 (Sun)
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