Daily Analysis : GBPUSD ( 15 Dec 2022 )

Pound continues rising and hovering around 1.2400 level. Due to FED’s hawkish stance DXY falling to 103.37 level and this moving supported cable. Yesterday, CPI data was announced from UK and below than expectations by %10.7. Annual inflation has declined quite high. The eyes on the BoE and traders expectations are 50 bps rate hike.

On the daily chart of the pound, above 1.2110 (200-DMA) level the momentum will be positive. In addition, the daily RSI (14) is now turning from overbought condition. On the downside, support at 1.2340, before at 1.2205. Also, the key support is at 1.2110 (200-DMA). On the upside, the resistance at 1.2445, then at 1.2660.

Support: 1.2340 – 1.2205 – 1.2110
Resistance: 1.2445 – 1.2660 – 1.2840