GBP/USD Tries Ichimoku Cloud's Upper Band Once Again

GBPUSD Tries Ichimoku

As we enter a week filled with hot market moving events out of the UK and the US, GBPUSD tries Ichimoku cloud’s upper band yet again. So naturally, we are taking an IDDA approach to strategy development for our lovely Invest Divas—and Divos.

Personal note: I’m so excited because my Monday night classes at Baruch College (where I teach Wealth Management) have ended for this Semester! So Our Monday night updates are back! (Not that I dislike being called “Professor”, while teaching an amazing group of students, but Monday night updates are awesome too. Let’s hope they’ll assign me a Thursday class for next Semester 🙂 ) Ok. Let’s get back to GBP/USD.

Technical Analysis | GBPUSD Tries Ichimoku Cloud’s Upper Band

Daily Chart: After breaking above a falling wedge, the GBP/USD pair made its way up towards the flat, yet thick Ichimoku cloud in November. It then started testing and teasing the upper band of the Senkou span beginning of December. Last week we said this will only confirm if GBP/USD also breaks above the 23% Fibonacci retracement level of 1.2760. So far, it hasn’t succeeded.

For traders with lower risk tolerance, we also need a confirmation of the Ichimoku Medium-term support is set at 1.2125, while resistance is set at 1.3170.

GBP/USD Tries Ichimoku Cloud’s Upper Band – Daily Chart Technical Analysis Monthly Chart: On a longer time-frame, GBPUSD remains at all-time-low levels below the monthly Ichimoku. Long-term support is set at 1.15 in case $?!t hits the fan in the UK.

Monthly Chart Technical Analysis – GBPUSD Tries Ichimoku on Daily

Fundamentals | GBPUSD Tries Ichimoku

We have a CRAZY busy economic calendar for both Mr. British Pound and Ms. USA!! US Side:

Wednesday, December 14th, 7 PM GMT: The long awaited FOMC rate decision (Duh?). To hike or not to hike? That shall remain the question on every Invest Diva’s mind. So far we’ve got generally mixed releases on GDP and Trade. On the other hand, Janet Yellen and her buddies at the Fed are mainly focused on CPI and employment. CPI continues to improve, while there are some worrying things about the labor market. The Fed members have had positive remarks on the economy, however, and they have said that there is a chance they would just pull the plud, and just do it.

Wednesday, December 14th, 1:30 PM GMT: Advance Retail Sales (NOV). This figure is generally a significant market mover, valuable both for its timeliness and insight into consumer demand and consumer confidence. Consumer spending is vital to the US economy, accounting for more than two-thirds of all economic activity. The figure is expected to come out lower than last month’s 0.8%, at 0.3%.