• GBP/USD rose sharply on Monday as markets awaited Donald Trump's return to the White House and his inauguration speech for clues on the impact of his policies on the economy.
• Trump will release a broad trade memo on Monday, but will not likely to impose new tariffs on his first day in office.
• Investors were focused on the policies Trump would implement on his first day in office. At a Sunday rally, he stated he would impose strict limits on immigration.
• At GMT 16:18, the pair was trading up 1.02% at 1.2292.
• Immediate resistance is located at 1.2310( 38.2%fib), any close above will push the pair towards 1.2366 (Jan 9th high)
• Strong support is seen at 1.2164(23.6% fib) and break below could take the pair towards 1.2099 (Lower BB).
Recommendation: Be on sidelines
