Trading news

GBP/USD: strong British stats trigger the rise

Current trend

Last week the British currency significantly rose against the USD. British currency was supported by positive macro-economic statistics. Retail sales in the UK was above the forecast, inflation rate remained at the previous level. At the moment the pair has reached key resistance level of 1.6660 and consolidated below this level. Economic calendar is not eventful today; therefore high volatility is not expected.

Support and resistance

It is likely that the pair will experience downward correction today to support level of 1.6600 and consolidate in the range of 1.6660-1.6600. In the first half of this week investors’ sentiment will guide movement in the pair. The following US key news will become known at the end of this week: the data on  labour market and construction sector. In the medium-term the pair will remain in the wide ascending channel, trying to reach the level of 1.6900.

Support levels: 1.6600, 1.6550, 1.6470 and 1.6400.

Resistance levels: 1.6660, 1.6700, 1.6770, 1.6810 and 1.6900.

Trading tips

In the current situation it is advisable to place buy orders with take profit at the level of 1.6810.

 

Dmitry Likhachev
Analyst of LiteForex Group of Companies

Monday, 31 Mar, 2014 / 10:40

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

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