The pound has been consolidating above the support level of 1.4800 the whole previous week

31 March, 2015

General overview
The UK will not please traders with the interesting macroeconomic releases and in this regard, the traders’ attention will be drawn to the statistics from overseas. Leading indicators point out to the personal consumption expenditure weak data which is a negative factor for the US dollar. The low domestic demand indicates the weak GDP and therefore the dollar loses drivers for the quotations growth.

The bond market also confirms the bullish trend for the British pound - the UK 10-year bond yields are growing in relation to the United States and Germany ones which is a positive factor for the pound.

The pound has been consolidating above the support level of 1.4800 the whole previous week. The short-term tests were on reduced volume and were followed by the small rebounds upwards.

The price is finding the first support at 1.4800, the next one is 1.4650. The price is finding the first resistance at 1.4920, the next one is at 1.5015.

There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The downward movement will be until the price is under the Cloud.

The MACD histogram is in a neutral territory. The price is correcting.

Trading recommendations
We expect the 1.4800 line break that will open the way towards 1.4650.


Source link  
CBs refrained from changes

ECB economists now expect that the euro area economy will grow by 2.3% in 2018, well above the expected growth of 1.8% growth forecasted back...

Asian stock indexes drop

Equity indexes in Asia were mainly lower in late hours on Wednesday, as investors’ sentiment was affected by a weak close on Wall Street...

Market sentiment is improving

On Tuesday, global markets were able to change the mood and moved to gain, with some of the European markets recovering all Monday's losses...


Global markets consolidate

At the beginning of the week, the global market sentiment remains restrained, as stock markets are under pressure despite the start of the...

OPEC's output cuts extension

The oil market will be in focus in the next few days as the Organization of the Petroleum Exporting Countries and a group of independent producers...

Black friday: how do they affect markets?

While for some people Thanksgiving may still be a day to thank ‘god’ for the blessing of the harvest (office jobs also apply?), nowadays is a holiday...


Asian markets are mainly quiet

Asian markets were mainly quiet on Thursday, following a calm session on Wall Street as market participants digested FOMC minutes and looked...

Euro extended its bullish momentum

The line rejected the pair which eased towards 1.1650 afterwards. If the price breaks below 1.1650 sellers may push the euro to 1.1600...

Gold trades mixed in a narrow range

However, the level 1280 is on its way and won’t let the spot further. A rebound from 1270 pointed to strong buyers who will not give up their attempt...

  


Share: