Trading news

GBP/USD: general review

Current trend

Last week the pair GBP/USD traded with high volatility. On the one hand, the Pound was supported by the growth in the UK GDP by 1.9% on annual basis; on the other hand, balance of trade deficit increased up to 20.7 billion pounds in Q3, not justifying forecast for decline. Amid these facts the “bulls” managed to raise the pair GBP/USD up to the weekly highs at the level of 1.6395. However, appetite of the Pound’s buyers was spoiled by US macro-statistics. It became known that US GDP rose by 4.1% in Q3 against expectations of 3.6%, which is the highest level since Q4 2011.

Support and resistance

On the four-hour chart technical indicators give mixed signals. MACD histogram is in the positive zone, its volumes are decreasing,  giving a weak sell signal. Resistance levels are 1.6395 and 1.6440. Support levels are 1.6325, 1.6280 and 1.6255.

Trading tips

If downtrend continues, it is recommended to open sell positions with profit taking at the level of 1.6280.

 

Vadim Smarzh

Analyst of LiteForex Group of Companies

Monday, 23 Dec, 2013 / 10:15

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

Trading news

 

Weekly Outlook: June 24 – June 28: G20 Summit Takes Center Stage, RBNZ Decision Also in Focus

This week, market participants are likely to be sitting on the edge of their [...]

Posted on Monday, 24 Jun, 2019 / 7:00 under

Oil added almost 5% against the backdrop of the possible conflict in Middle East

Brent crude has got over the important mark of $65 per barrel and added about [...]

Posted on Friday, 21 Jun, 2019 / 3:58 under

FX Options Update: June 20, 2019

Saxo Bank's latest report on the FX Options space is now live, with a look at [...]

Posted on Friday, 21 Jun, 2019 / 11:41 under