Trading news

GBP/USD: Pound hits the highs

Current trend

The British Pound continues to strengthen against the USD, following comment of the chairman of the Bank of England Mark Carney that British economy has potential for steady growth in Future.  The pair GBP/USD has already reached two-year highs at the level of 1.6465; however further upward movement can be difficult. The British currency will need strong macro-economic momentum that will trigger the rise in GBP/USD rate above this strong resistance level.

In the afternoon, attention shall be focused on the speech of the member of Monetary Policy Committee Martin Weale that can provide a required growth driver to the Pound.

Support and resistance

Resistance levels are the local highs of 1.6465 and 1.6570. Support levels: 1.6400 and 1.6365.

Trading tips

In the medium-term it is advisable to place short positions within corrective movement from resistance level of 1.6465 with the target of 1.6365.

Vadim Smarzh

Analyst of LiteForex Group of Companies

Wednesday, 11 Dec, 2013 / 8:47

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

Trading news

 

BoE clips pound’s wings, equities brace for turbulence

  Sterling capsizes after BoE opens door to negative [...]

Posted on Friday, 18 Sep, 2020 / 8:47 under

DAX remains in a range – DAX 30 Market Outlook – 18/09/2020

European equities continue to trade in a range between 13135 support and 13300 [...]

Posted on Friday, 18 Sep, 2020 / 8:35 under

OIL breached above the 200-daily SMA – US OIL Market Outlook – 18/09/2020

WTI Crude breached the 200 period SMA on the daily chart, hitting our long [...]

Posted on Friday, 18 Sep, 2020 / 8:20 under