GBP/USD The price is finding the first support at 1.5100, the next one is 1.5015

5 May, 2015

General overview

After the Markit Economics manufacturing sector PMI index weak data traders sold the British pound which proves the strong buyers’ absence in the market. Investors have ignored the UK negative macroeconomic releases for the last two weeks and built up long positions. Yesterday there was a public holiday in the UK.
The three-week pound strengthening against the US dollar stopped at the resistance level of 1.5460. The level testing was followed by a small consolidation with the following price rebound downwards. The rebound from the level was on the increased volume. The pair is testing the support level of 1.5100.
The price is finding the first support at 1.5100, the next one is 1.5015. The price is finding the first resistance at 1.5200, the next one is at 1.5300.
The price is in the Cloud and it is above the Chinkou Span. The Tenkan-sen shows a downward movement and the Kijun-sen shows a horizontal movement and form a “Dead Cross”.
The MACD histogram is in a negative territory. The price is consolidating.

Trading recommendations
The pair can grow to the resistance level of 1.5300.


Source link  
Low activity in asian markets

Asian stock indexes traded mostly in green territory following solid gains on Wall Street in the prior session, but many markets remained close in...

Asian stock markets mostly higher

Asian stock markets started broadly higher this week, with commodity prices pushing some key names in the region to the upside as the dollar corrected downwards...

Market selloff: a mistake, really?

Wall Street top three indexes went down on Monday following last week’s employment report by the US Labor Department. Data showed the economy added...


Asian equity indexes higher

Asian equity indexes were mostly higher on Tuesday following a solid lead from Wall Street as lawmakers were able to revert the government shutdown...

Pressure on dollar is increasing

USD dollar opens a new week under pressure, being at record low levels. The dollar index is currently traded at 90.25 points, the level last seen on the...

Tax reforms remains in focus

Asian equity indexes displayed a mixed dynamic on Wednesday as attention was entirely directed to an ongoing debate in the US over...


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...

  


Share: