GBP/USD: general analysis on 29.09.2014

September 29, 2014

Current trend

The pair GBP/USD is still traded in the downtrend, which has started last week. Throughout this period the Pound fell by 250 points against the USD. Releases of important news, which can affect movement in the pair GBP/USD, are not scheduled for today, 29 September. Meanwhile, market participants will receive information on the number of mortgage approvals in the UK (11:30 GMT+3), and index of private consumption expenditure in the USA (15:30 GMT+3).

Support and resistance

Technical indicators show that downtrend will continue. Bollinger bands are directed downwards; MACD histogram is in the negative zone and its volumes are rapidly increasing.

Resistance levels: 1.6250, 1.6300 and 1.6340.

Support levels: 1.6210, 1.6160 and 1.6120.

Trading tips

It is likely that the pair GBP/USD will continue to decline slowly. Sell positions can be opened at the current price with the nearest target of 1.6200. In case of breakdown of the level of 1.6200 the pair can go to 1.6160 or even to 1.6120.

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