Trading news

GBP/USD: the USD has prompted the Pound to reach new peaks

Current trend

Yesterday’s negative statistics on the US GDP for Q1 caused decline in the USD and prompted the British Pound to reach new highs. On Wednesday trading session opened at the level of 1.6824, and after that the pair reached the level of 1.6900, and trading session closed at the level of 1.6880. The Pound rose higher than other currencies, which means that British economy is recovering faster than the others. Outcome of the US Fed meeting, which closed yesterday, was predictable, as volume of asset purchase program was reduced by $10 billion once again.

US statistics, which will become known today, can have a serious affect exchange rate in the pair GBP/USD, enabling the rise in price above the level of 1.6900, which will certainly a big achievement for the “bulls”.

Levels of support and resistance

The nearest and the most important resistance level is 1.6900. This is also important psychological level. Breakdown of this level will enable the rise in the Pound to the higher levels.

Support levels: 1.6880, 1.6870, 1.6860 and 1.6820.

Trading tips

Further actions shall be based on the US statistics. In case of negative US statistics, long positions are recommended after breakdown of the level of 1.6900. In case of correction, sell orders can be placed below the level of 1.6860.

Ilya Lashenko

Analyst of LiteForex Investments Limited 

 

Friday, 02 May, 2014 / 6:01

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

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