GBP/USD: pound is growing

11 0
Current trend

British currency can’t leave the long term sideway trend. Since the beginning of October the GBP/USD pair is trading within the channel of 1.3320–1.3040.

The main catalysts of the movement are mixed UK releases and uncertainty upon USA Fed’s further monetary policy . Last week pound was significantly falling against US dollar due to poor inflation and key indices data, but in the end of the week it insignificantly regained the loss due to positive Retail Sales data publications.

Today the demand on GBP is growing, which let the pair consolidate in the middle term upward channel. This week USA FOMC Minutes, employment market data and Durable Goods Orders releases are worth traders’ attention. Economy growth rate and home loans data will be published in the UK.

Support and resistance

The pair consolidated in the middle term upward range, and the upward momentum can grow to the highs of the middle of October (1.3335) and the beginning of November (1.3310). USD is weakening due to investors’ doubt is the monetary policy would be tightened once more this year. There are a number of strong resistance levels on the way of the pair, and the price can be significantly corrected or the trend can change at these levels.

Technical indicators confirm the further growth forecast. On the 4-hour chart MACD long positions volumes are growing, Bollinger Bands are pointed upwards.

Resistance levels: 1.3310, 1.3320, 1.3350, 1.3380, 1.3400, 1.3450.

Support levels: 1.3250, 1.3225, 1.3200, 1.3150, 1.3110, 1.3070, 1.3040, 1.3000.

Trading tips

It’s better to increase the volume of long positions with the targets at 1.3350, 1.3400, stop loss is 1.3185.
Register on LiteForex site and get more analysis
ZH 简体中文
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 繁體中文
AR العربية
HE עברית
首页 股票筛选器 外汇筛选器 加密货币筛选器 财经日历 如何运作 图表功能 网站规则 版主 网站 & 经纪商解决方案 插件 图表库 功能请求 博客 & 新闻 常见问题 帮助 & 维基 Twitter
概述 个人资料设置 账号和账单 我的客服工单 联系支持 已发表观点 粉丝 正在关注 私人消息 聊天 退出