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

 

Stocks lick wounds; pound tumbles on lockdown fears

  Selloff in equities eases but sentiment still subdued amid virus [...]

Posted on Tuesday, 22 Sep, 2020 / 9:56 under

DOW weighed down amid fresh lockdown worries – DOW JONES Market Outlook – 22/09/2020

Global equities tanked on fresh lockdown worries across Europe and possible [...]

Posted on Tuesday, 22 Sep, 2020 / 8:19 under

1.17 is the line in the sand for the Euro – EUR/USD Market Outlook – 22/09/2020

The bearish pressure on the Euro is mounting as price is currently trading [...]

Posted on Tuesday, 22 Sep, 2020 / 8:18 under