Daily F.X. Analysis, December 10– Top Trade Setups In Forex - U.K. GDP In Highlights! 

A day before, the U.S. dollar remained under pressure because of no economic release and FOMC meeting ahead this week. Traders will be focusing on trade developments as the deadline of December 15 is near to increasing U.S. tariffs on Chinese goods in case of no-deal by then.

Concerning the U.K. elections, the latest opinion poll by ICM on Monday showed that the Conservative Party of Prime Minister Boris Johnson was supported by 42% of voters while the opposition Labor party's support increased to 36%.

Today, most of the traders will be focusing on British GDP figures, which are due to come out later during the European session...

Economic Calendar - U.K. GDP In Highlights! 

 BTC/USD - Daily Analysis

Bitcoin price is bestowing positive symptoms over the $7,400 resistance zone versus the U.S. Dollar. The price is expected to clear the $7,560 and $7,600 resistances to stay higher.

There is a primary bullish trend line building with support around $7,490 on the hourly chart of the BTC/USD pair. The BTC/USD could rally once there is a definite close over $7,600 and $7,700 in the following days.

Bitcoin price is consolidating in a bullish zone over $7,400 versus the U.S. Dollar. BTC is expected to test the $8,000 resistance as long as it is over the $7,160 swing low.

BTC/USD - Daily Technical Levels

Support     Resistance 

7,383.18      7,703.07

7,187.84      7,827.62

6,867.95     8,147.51

Pivot Point 7,507.73

BTC/USD – Daily Forecast

The BTC/USD has again entered the same old trading range of 7400 - 7300. As we can see on the 4-hour chart above, the leading crypto pair was trading within a symmetric triangle pattern, which was supporting it around 7435. This level has already been violated, and the BTC/USD is peaking out of the symmetric triangle. 

Continuation of a bearish trend may lead it towards the 7095 area while the pair may face resistance at 7435 now. The leading indicators, such as RSI and MACD, are also in support of bearish bias today. 

EUR/USD – German ZEW Economic Sentiment

The EUR/USD pair was opened at 1.10574 and has placed a high of 1.10779 and a low of 1.10533 until now. Overall the movement of pair has remained bullish throughout the day, and the pair is currently trading at 1.10616.

At 12:00 GMT, the German Trade Balance for October was released, which beats the forecasted amount and supported the EUR/USD. The figure came in as 20.6B against the expected 19.0B. 

At 14:30 GMT, the Sentix Investor Confidence from Eurozone came in support of Euro at 0.7 and exceeded the expectations of -5.4. 

The improved investor's confidence in December despite looming US-China trade tensions and the German recession gave strength to the single currency Euro and supported EUR/USD prices on Monday.

Patrick Hussy, the managing director of the Sentix group, said that more and more investors were convinced that the worst for the Eurozone economy was over and that the impulses from European Central bank and politicians will stimulate the economy in coming months.

The largest economy of Europe and an export powerhouse of the eurozone, Germany, has been hit by trade conflicts between the United States & China. Still, Sentix's survey showed today that investors were optimistic about the future of Germany.

On the other hand, the European Union has approved a 3.2 billion euros worth of state aid from seven European Union countries for research and innovation in battery technology. The aid is expected to unlock an additional 5B euro worth private investments. The whole project is planned to complete in 2031.

Stronger than expected economic data from Europe and no data from the United States on Monday drove EUR/USD prices in the direction of Euro. The pair has shown a bullish trend until now and is currently trading at 1.10628.

EUR/USD - Daily Technical Levels

Support Resistance 

1.1031     1.1101

1.1            1.1141

1.093      1.1211

Pivot Point 1.1066

EUR/USD – Daily Forecast

The EUR/USD currency pair hasn't changed much since it completed the 50% Fibonacci retracement around 1.1050 level. The EUR/USD currency pair is gaining support around 50 periods EMA which is expected to drive the pair higher towards 1.1066 pivot point mark. 

While on the leading indicator side, the Relative Strength Index (RSI) is holding in the selling zone. The RSI signals the chances of further bearish moves in the EUR/USD. The bullish crossover of 1.1075 can opens up additional opportunities for buying until 1.1110 today. 

GBP/USD - GDP m/m Figures In Highlights 

The GBP/USD pair was opened at 1.31336 and has placed a high of 1.31802 and a low of 1.31310 until now. Overall the movement of pair has remained bullish throughout the day, and the pair is currently trading at 1.31461.

The pair dropped from 1.3180 level on Monday and remained range-bound near 1.3135 level. The GBP/USD pair seemed rising and moving in a bullish trend, but it remained in the limits under 1.3200. The Pound is continuously being supported by the general election polls suggesting the victory of the Conservative Party on December 12.

The latest opinion poll by ICM on Monday showed that the Conservative Party of Prime Minister Boris Johnson was supported by 42% of voters while the opposition Labor party's support was increased to 36%. No change in Tori's followers, but an increase in opposition followers was concerning and pushed the Pound modestly to the downside across the board from 1.3180 level.

The U.S. Dollar remained under pressure on Monday because of no economic release and FOMC meeting ahead this week. Traders will be focusing on trade developments as the deadline of December 15 is near to increasing U.S. tariffs on Chinese goods in case of no-deal by then.

However, the pair GBP/USD is highly sensitive to British Elections, which are due on December 12. Tories are expected to hold more seats in parliament, but the opposition party is gaining strength and holding its feet firm in the ground day by day. As the elections are coming closer, the political uncertainty is increasing and giving pressure to the single currency Sterling.

GBP/USD - Daily Technical Levels

Support Resistance 

1.3128       1.3145

1.3118       1.3152

1.3111        1.3162

Pivot Point: 1.3135

GBP/USD – Daily Forecast

Just like the EUR/USD, trading in the GBPUSD remained mostly limited due to a lack of top-tier fundamentals. Overall, the GBP/USD is trading under pressure as the positive NFP figures continue to strengthen the U.S. dollar. Positive NFP has diminished the Fed rate cut sentiments. 

The GBP/USD is consolidating at1.3145 level, staying mostly above the 50 periods EMA level. The GBP/USD is supporting the pair around 1.3125. The Cable may find the next resistance at 1.3165, and under this, GBP/USD can fall unto 1.3113 and 1.3075 marks.

All the best for today.