13 December 2022 Afternoon Session Analysis
Pound Sterling rose amid optimistic GDP data.
The GBP/USD, which widely traded by global investors edged up on yesterday amid the upbeat economic data. According to Office for National Statistics, the UK Gross Domestic Product (GDP) MoM has notched up from the previous reading of -0.6% to 0.5%, exceeding the consensus expectation of 0.4%. Besides that, the UK Manufacturing Production MoM for October raised from the prior figures of 0.0% to 0.7%. With such background, the market optimism toward economic progression in the UK has been dialed up, as the data shown has outweighed the market concerns of recession that faced by the UK. Though, the gains that experienced by Pound Sterling was limited following the Bank of England (BoE) was widely expected to scale back its rate hike pace, after its outsized 75 basis point hike in November amid growing signs of a prolonged downturn. According to the BoE’s estimation, the UK will remain in recession throughout next year and the first half of 2024. The bank also forecasted at the November meeting that the UK economy would contract by 0.3% in the fourth quarter. As of writing, the GBP/USD eased by 0.01% to 1.2269.
In the commodities market, the crude oil price appreciated by 1.18% to $74.04 per barrel as of writing following the expectation of loosening Covid-19 restriction in China boosted up the demand of oil. On the other hand, the gold price rose by 0.16% to $1784.28 per troy ounce as of writing amid the weakening of US Dollar.
Today’s Holiday Market Close
Time Market Event
N/A
Today’s Highlight Events
Time Market Event
19:00 GBP BoE Gov Bailey Speaks
20:00 CrudeOIL OPEC Monthly Report
Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 15:00 | GBP – Average Earnings Index +Bonus (Oct) | 6.0% | 6.2% | – |
| 15:00 | GBP – Claimant Count Change (Nov) | 3.3K | 3.5K | – |
| 15:00 | EUR – German CPI (YoY) (Nov) | 10.0% | 10.0% | – |
| 18:00 | EUR – German ZEW Economic Sentiment (Dec) | -36.7 | -26.4 | – |
| 21:30 | USD – Core CPI (MoM) (Nov) | 0.3% | 0.3% | – |
| 21:30 | USD – CPI (YoY) (Nov) | 7.7% | 7.3% | – |
Technical Analysis
DOLLAR_INDX, Daily: Dollar index was traded lower following prior breakout below the previous support level. However, MACD which illustrated increasing bullish momentum suggest the index to be traded higher as technical correction.
Resistance level: 105.20, 107.05
Support level: 103.45, 101.70
GBPUSD, H4: GBPUSD was traded higher following prior breakout above the previous resistance level. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.
Resistance level: 1.2335, 1.2485
Support level: 1.2135, 1.1955
EURUSD, H4: EURUSD was traded higher following prior breakout above the previous resistance level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains.
Resistance level: 1.0600, 1.0740
Support level: 1.0465, 1.0335
USDJPY, Daily: USDJPY was traded higher following prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains.
Resistance level: 139.00, 142.10
Support level: 135.35, 131.30
AUDUSD, H4: AUDUSD was traded lower following prior retracement from the resistance level. However, MACD which illustrated decreasing bearish momentum suggest the pair to be traded higher as technical correction.
Resistance level: 0.6830, 0.6960
Support level: 0.6705, 0.6590
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level. MACD which illustrated decreasing bearish momentum suggest the pair to extend its gains.
Resistance level: 0.6460, 0.6560
Support level: 0.6360, 0.6260
USDCAD, Daily: USDCAD was traded higher while currently testing the resistance level. However, MACD which illustrated decreasing bullish momentum suggest the pair to be traded lower as technical correction.
Resistance level: 1.3685, 1.3875
Support level: 1.3500, 1.3320
USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level. MACD which illustrated decreasing bullish momentum suggest the pair to extend its losses.
Resistance level: 0.9400, 0.9550
Support level: 0.9235, 0.9095
CrudeOIL, H4: Crude oil price was traded higher following prior breakout above the previous resistance level. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains.
Resistance level: 77.25, 81.50
Support level: 73.90, 70.45
GOLD_, H4: Gold price was traded lower following prior breakout below the previous support level. However, MACD which illustrated decreasing bearish momentum suggest the commodity to be traded higher as technical correction.
Resistance level: 1783.50, 1808.55
Support level: 1756.05, 1733.70