Trading news

GBP/USD: general analysis

Current trend 

The British Pound could not break down important resistance level of 1.7000 this week. The highest level, which the pair was able to reach, was 1.6998. After that GBP/USD rolled back below3/8 Murray. At the moment the pair is trading at the level of 1.6955. If the “bulls” do not take another attempt to achieve the target of 1.7000, the pair will undergo correction to the level 1.6848.

Today, the Bank of England is going to take important decision on interest rate. It is expected that interest rate will be left at the level of 0.5%, asset purchase program will remain unchanged at the level of 375 billion pounds. If important comments about future monetary policy will not be made, the Pound will remain at the previous level.

Support and resistance

The nearest resistance level is 3/8 (1.6998). Support level is 2/8 Murray line (1.6841).

Trading tips 

It is recommended to open short positions after breakdown of the level of 1.6925 with stop-loss at 1.6950 and a target of 1.6860.

 

Dmitry Agurbash

Analysts of LiteForex Investments Limited

Thursday, 08 May, 2014 / 10:00

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

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