Trading news

GBP/USD: waiting for the UK GDP

Current trend

On Monday the pair GBP/USD were strengthening due to the speech of Mark Carney. Head of BOE announced that the regulator would continue the same monetary policy, which raises employment, salaries and consumer's spending. Obviously interest rates won't be changed in near future. 

Support and resistance

The pair is trading within a sideways channel with a range of 1.6680-1.6620 (upper and lower lines of Bollinger Bands indicator). GBP/USD will probably continue to move sideways until preliminary GDP data for IV quarter of 2014 is published. Positive stats can push the pair up to the levels of 1.6719 and 1.6760. Technical indicators confirm the possibility of the rise. MACD histogram is going to cross zero line from below, giving a signal to buy. Stochastic lines are directed upwards and close to the overbought zone.

Support levels: 1.6620, 1.6575.

Resistance levels: 1.6680, 1.6719, 1.6760.

Trading tips

Pending buy and sell orders can be placed at the channel borders, although long positions with targets at 1.6719 are more preferable. Buy orders should be placed if the price consolidates above 1.6680.

 

Dmitriy Zolotov

Analyst of LiteForex Group of Companies

Tuesday, 25 Feb, 2014 / 9:47

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

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