GBP/USD: general overview on 29.05.2015

May 29, 2015

Current trend

The GBP/USD rate declined yesterday against a backdrop of UK unconvincing macroeconomic statistics.  According to the information published, GDP did not live up to forecasts of 0.4% in the first quarter of 2015 and remained at the same level of 0.3%. So, sellers made the GBP/USD rate drop to May's trough at 1.5260.  However, the Pound managed to claw back some losses afternoons once US negative statistics were published. Initial jobless claims amounted to 2,222 million in May, which is worse than the previous value of 2,211 million.

Today, May 29th, market participants are waiting for information on US GDP in the first quarter which is to be released at 15:30 GMT+3. The index is expected to fall. If expectations prove to be correct, GBP/USD will grow.

Support and resistance

Bollinger Bands are directed upwards on H4 chart, pointing to the continuation of the downtrend. The MACD histogram is located in the negative zone, but its volumes are decreasing gradually, which indicates sellers' decreasing activity.

Support levels: 1.5260, 1.5200, 1.5145.

Resistance levels: 1.5340, 1.5390, 1.5440, 1.5500.

Trading tips

Open short positions at the current price with the nearest target at 1.5260. A firm breakout will open a way to a level of 1.5200. If positive macroeconomic data will form an uptrend, long positions may be opened above a level of 1.5390 with a target of 1.5540. A level of 1.5500 is buyers' long-term target.

Publication source
LiteForex information  LiteForex reviews

September 30, 2016
The OPEC greases the wheels for oil
The global equities rally led by the gains in the energy sector after the OPEC members cut a deal in Algiers, despite the market scepticism and repeated statements that the Oil officials in Iran and Saudi Arabia are not able to find a middle ground in the current conditions...
September 30, 2016
Opec deal no certainty
In a huge surprise to the market, members of the Opec cartel agreed to cut production by as much as 700,000 barrels a day with some predicting that this may be the start of a new upward trend for oil...
September 30, 2016
Brent futures consolidated their gains
Brent rose in the European session after a surprised OPEC decision to cut oil output. Moreover, a draw in U.S. crude stocks gave an additional support for oil prices...

FXTM Rating
FOREX.com Rating
FxPro Rating
HotForex Rating
XM Rating
FIBO Group Rating

EZTrader Rating
IQ Option Rating
OptionBit Rating
OptionRally Rating
TopOption Rating
Beeoptions Rating