GBP/USD: general analysis

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Current trend

The pair continues to trade in a downtrend. The nearest important level of support is at the 0/8 Murray level (1.3916), if it is broken down, the next target will be the level of 1.3855.

The decline in the British currency was triggered by the slowdown in the development of the UK economy. The PMI index dropped to 52 points: companies reported that many contracts were not renewed, and the loss of customers could continue due to the uncertainty of negotiations on Brexit. The sales of durable goods also declined sharply: the registration of new cars fell by 6% compared to the previous year. The total volume of new registrations was 163 615 in January, the demand for diesel engines fell by 25.6% for the year, while the one for petrol engines slightly increased.

On February 8, the Bank of England will publish its forecast regarding the economic situation, which will try to keep the pound from further decline.

Support and resistance

Indicator Stochastic is at around 24, indicating that the asset is oversold.

Resistance levels: 1.4038, 1.4077.

Support levels: 1.3916, 1.3855.

Trading tips

Short positions can be opened at the resistance level of 2/8 Murray (1.4038) with a stop loss at 1.4066 and take profit at 1.3916.

Great Britan vs US Dollar

Buy Sell Spread
1.38475 1.38448 27


Timeframe Day's Range
Recommendations SELL LIMIT
Entry Point 1.4038
Take Profit 1.3916
Stop Loss 1.4066
Support levels 1.3855, 1.3916, 1.4038, 1.4077
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