The GBP/USD parity experienced an unsuccessful process during the 2016 year. The beginning level of the parity was 1.4520 on 1st January, so we could observe a negative trend during the year. We could also observe the first part of the year followed more horizontal trend on the parity than the second part of the year. At 3rd July, the parity decreased to 1.2956 level which was the lowest level of last six months. With the beginning of October, the decreasing trend has continued strongly, and the parity reached to 1.2185 level at 23rd October. With starting November and until the end of the year, we could observe a recovery trend on GBP/USD parity. The parity was following over 1.2700 level at the last days of year.
D. Davis, who is in the British Parliament's statement, "will continue to contribute to the EU budget if the government needs to access the European market." The GBP / USD parity, which has weakened recently due to concerns over Brexit worries and the negative impact of market loss on the economy, has risen with this statement. In today's agenda, US employment will be given. The Fed, which is comfortable with the employment rate, may have a more significant effect on wage rates this week as it will look at the wage increase. Despite the strong USD sense prevailing in the markets following predicted data flows in the US, the statements made by political authorities in the UK to the Brexit process made the Sterling worthwhile. Parallel to the statement, the GBP/USD parity tested the 1.2695 level after the uptick in sterling movements.
From a technical point of view, the weakness of GBP/USD seems to be positive, with the movement of GBP/USD above 1.2400. Supported levels of 1.2240 and 1.2150 can be seen in the profit sales that can be seen in the parity, and resistance levels of 1.2620 and 1.2840 can be targeted if the rise continues.
We can say the first 2017 expectations of GBP/USD will be a bit positive according to the many financial experts on the global forex market. The positive atmosphere which started with the last days of the year, may be observed in the first days of 2017. You can check the latest signals about 2017 on our website.
- Date: 17 December 2016 Sat 22:00
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