The daily forex analysis on January 07, 2021 this time will discuss the Pound Sterling which is moving weaker versus the US Dollar, in trading on Thursday (January 07, 2021) in the Asian session. This weakness is due to the pessimism of market participants about the release of UK services index data amid concerns about a surge in Covid-19 cases in the UK. In addition, the new type of Corona virus found in the UK also weakened the pound sterling currency. The greenback is trying to rebound from its fall to its lowest level in nearly 3 years in Wednesday's trading. On the other hand, market participants are already anticipating the Democrats' victory in the US Senate election in Georgia. With this victory, it will open the door for a larger fiscal stimulus package than before. Analysts predict that the Democratic-controlled Senate will be positive for U.S. economic growth globally. But on the other hand, especially for most risky assets such as bonds, it will be negative and the US dollar will weaken because the US budget and trade deficit are getting swollen. But the market was already expecting a Democratic victory in the Senate election that won both seats in Georgia, so the US Dollar index, which had fallen to its lowest level since March 2018, rebounded. Expectations that in the future there will be more stimulus arises after the release of Non-farm ADP data which plummeted for the first time in 8 months, due to a surge in coronavirus cases.

Forex Daily Analysis Predictions

Today's FOREX prediction on the GBPUSD pair is expected to decline and the recommended OP (Open Position) is SELL at the level of 1.35700. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points.
Preference BEARISH
Target Profit 1 1,35600
Target Profit 2 1,35500
Stop Loss 1 1,35750
Stop Loss 2 1,35800
This the daily analysis of forex on January 07, 2021. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.