Trading news

GBP/USD: analysis and forecast

Current trend

Yesterday, preliminary estimates of the British GDP became known. Following positive fundamental data of last week, preliminary GDP in the UK disappointed investors. The pair GBP/USD fell to the level of 1.6540, however late afternoon the pair regained from losses. Nevertheless, preliminary GDP confirms recovery process in the national economy. According to forecast, GDP growth on annual basis will amount to 2.8%.

This week currencies’ exchange rate can be strongly influenced by the US Fed decision to continue reduction of incentive programs. Today’s trades will be in the narrow range of 1.6600-16550.

Support and resistance

The nearest resistance levels are 1.6600, 1.6620, 1.6650 and 1.6670; the latter one is the local highs and the main target of the “bulls.” Support levels: 1.6575 and 1.6560.

 Tradingtips

Short positions are recommended below the level of 1.6540 with the target of 1.6480. Long positions can be placed if the price exceeds the level of 1.6620.

 

Ilya Lashenko

Analyst of LiteForex Group of Companies

 

Wednesday, 29 Jan, 2014 / 10:15

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

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