Trading news

GBP/USD: general analysis

Current trend 

On the daily chart the pair GBP/USD is between two Murray levels: support of 1/8 (1.6724) and resistance of 2/8 (1.6846). In case of breakdown of support level the price can fall to the level of 1.6602. However, the price may also redound and test the highs of 1.6970. Today the pair is unlikely to show high volatility due to closing of the trading session before the weekend and lack of important macro-economic news.

In general, the Pound has all grounds to exceed historical highs, as in accordance with the latest statistics, British households has become richer by 100 000 pounds due to the increasing prices of houses and securities. However, if the rise in the houses price maintains the same pace, it could lead to the increase of speculative demand and subsequent collapse in the economy of the country.

Support and resistance

The nearest resistance level is 1.6846 (2/8 Murray level). Support level is  1.6724 (1/8 Murray level).

Trading tips 

It is recommended to open long positions after breakdown of the level of 1.6846 with the stop-loss at 1.6820 and the target of 1.6970.

 

Dmitry Agurbash

Analysts of LiteForex Investments Limited

Friday, 16 May, 2014 / 10:59

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

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