Trading news

GBP/USD: The Pound is unlikely to grow

Current trend               

The pair had completed last week at the peak of the ascending movement. At the opening of a new trading session the Pound went higher up to the level of 1.6240 after which it has corrected downward. The pair has nearly reached the annual highs of 1.6260; however it will be difficult for the “bulls” to overcome this level. Key news of this week is the data on the UK GDP for Q3 this year.

Support and resistance

The nearest resistance level is at the local highs of 1.6240 and 1.6260; the latter one is the key level of the “bulls”. Support levels are 1.6210, 1.6180 and 1.6150.

Trading tips

It is likely that the pair will roll back to the levels of 1.6150 and 1.6120. Limited buy orders can be placed at the same levels.

 

Ilya Lashenko

Analyst of LiteForex Group of Companies

Monday, 25 Nov, 2013 / 8:55

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

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