Trading news

GBP/USD: analysis and forecast

Current trend

Yesterday’s data on British GDP has actually not affected movement in the pair. GDP in Q4 2013 remains at the previous level of 0.7%, while on annual basis this index fell to 2.7%. Following the release of British GDP the pair fell to the level of 1.6620, however, by the end of the trading day returned to 1.6670, the level from which the pair started yesterday’s trading session. No more British news is expected this week, while US macro-statistics will become known and it will be able to influence on the movement in the pair GBP/USD.  Today, the number of initial applications for unemployment benefits will become known; tomorrow: preliminary data on GDP and consumer sentiment index by Michigan University. It is likely that the pair will continue to trade in the range of 1.6600-1.6740.

Support and resistance

Resistance levels are 1.6685, 1.6700 and 16726; the latter one is the key level of the “bears”. Support levels are 1.6650, 1.6620 and 1.6600.

Trading tips

Limit orders to buy are recommended at the levels of 1.6650 and 1.6600 with the target of 1.6720. Short positions are advisable below the level of 1.6575.

 

Ilya Lashenko

Analyst of LiteForex Group of Companies

Thursday, 27 Feb, 2014 / 10:07

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

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