Trading news

GBP/USD: general analysis

Current trend 

Recently, British economy is demonstrating the signs of recovery, which has a positive effect on the national currency rate. According to statistics, volume budget funds increased due to the rise in the tax rate and revival of business activity. However, economists are still concerned about the public debt, which has reached the level of 75.4% of GDP in October. However, the UK Finance Ministry reports that situation is under control and there is no cause for concern.

Support and resistance

The British currency has broken the upper limit of the trading channel on the chart H4; therefore, the rise is likely to continue. The nearest resistance line and psychologically important level is 1.6200. Support level is the upper limit of the channel (1.6165).

Trading tips 

It is recommended to open long positions above the level of 1.6200 with the target of 1.6250-1.6300 and stop-loss at the level of 1.6170. 

 

Dmitry Agurbash

Analysts of LiteForex Group of Companies

Friday, 22 Nov, 2013 / 9:42

Source : https://www.liteforex.com/

Trading news

 

Equities back in the meat grinder after big tech earnings

  Stocks continue to melt down as big tech results underwhelm [...]

Posted on Friday, 30 Oct, 2020 / 9:18 under

Fear of national lockdown kept the Pound under pressure – GBP/USD Market Outlook – 30/10/2020

The Cable drops for the third consecutive day towards 1.29 on chatters of UK [...]

Posted on Friday, 30 Oct, 2020 / 9:03 under

OIL weighed down by wave 2 fears and spreading lockdowns – US OIL Market Outlook – 30/10/2020

WTI Crude closed below the 200 period SMA on the daily chart, falling by more [...]

Posted on Friday, 30 Oct, 2020 / 9:01 under