Trading news

GBP/USD: analysis and forecast

Current trend

Yesterday was a quiet day for the currency pair GBP/USD. Trading session started at the level of 1.6728, then, the pair tried to break down support level of 1.6700 but with no success even despite the fact that the level of retail sales in the USA was far above expectations. Attention today shall be focused on British consumer price index. According to forecast this indicator will fall, which will put pressure on the pair. In the afternoon, US data on consumer price index and business activity index in the manufacturing sector will become known, If the data proves to be below expectations, the pair will continue to go up.

Support and resistance

At the moment the pair is trading at the level of 1.6715, which coincides with Fibonacci line of 61.8% and prevents further decline in the pair. Next support levels are 1.6700, 16685 and 1.6660. Resistance levels: 1.6745, 1.6760 and 1.6790.

Trading tips

It is likely that the pair will continue to decline. However, negative US statistics can push the pair to go to 1.6760. It makes sense to place limit buy orders at the level of 1.6680.

 

Ilya Lashenko

Analyst of LiteForex Group of Companies

Tuesday, 15 Apr, 2014 / 8:28

Source : http://www.liteforex.com/

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