Which news must be follow.

[Alli]

The range is not great but the direction is higher

The GBPUSD has about a 63 pips trading range today. It is not a lot, but it is the end of the year and you cannot expect much.

[Alli]

Remember the 1.1876 was the swing low going back to June 2010 (not shown). That area is now a risk level for longs. Stay above is more bullish. Move below is more bearish.

[Alli]

The price moved away from that MA line. and above a ceiling at 1.1878. The price traded above and below that line but then used it as a base for the last leg higher.

[Alli]

Drilling to the hourly chart below, the low in the Asian session did hold a trend line support line. The market then seemed to use the 100 hour MA (blue line) as a support.

[Alli]

Looking at the daily chart above, the pair is approaching a topside trend line at 1.1914. That line connects highs from September and November. A move above that line would look toward the December high at 1.1940 and the November high at 1.1960.

[Alli]

The EURUSD has just moved above last week's high at 1.1901. The price is not racing on the extension - the high reached 1.1904 so far - but buyers are pushing the price higher. Like the GBPUSD, the low was in the Asian session, and the price has had a more bullish bias for the day.

[Alli]

On the commodities market, the price for Brent crude ended at $65.04 per barrel, a rise of 2.9% over the course of the week’s trading. The value of gold rose last week closing at $1275 per ounce, a gain of 1.5%.

[Alli]

The Euro was stronger against the Yen ending at 134.2, a gain of 1.1% over the course of the week. It made ground against Sterling last week, just, rising by 0.03%, the close saw one � buying €1.1300.

[Alli]

The Greenback weakened against the Euro last week by 0.51% to close at $1.1839 to the Euro. The Dollar strengthened against the Japanese currency closing at 113.3 Yen to the Dollar, making a gain of 0.55% during the week.

[Alli]

On the currency markets last week, the Euro enjoyed the best of the trading. The Dollar was weaker against Sterling last week closing at $1.3378 to the Pound, a fall of 0.48% on the week.