GBP/USD: general overview on 08.06.2015

June 8, 2015

Current trend

During the last trading session, GBP/USD fell sharply on US labour statistics. According to the data published, the number of non-farm payrolls grew by 280 thousand in May against a forecast of 225 thousand. This  made the pound drop by over 100 points. Weak data on US unemployment rate, which rose 0.1% to 5.5% in May, prevented GBP/USD from a sharper decline. The pound managed to reappreciate a bit, and GBP/USD steadied at 1.5270 at the end of the trading day. 

Today, June the 8th, the economic calender does not foresee any serious macroeconomic releases  that could affect the GBP/USD rate. Let's have a look at technical indicators.

Support and resistance

The MACD points to sellers' growing influence on the H4 chart. The histogram is located in the negative zone and its volumes are  increasing. Bollinger bands are diverging, confirming the continuation of the current downtrend.

Resistance levels: 1.5290, 1.5340, 1.5390, 1.5440.

Support levels: 1.5260, 1.5235, 1.5198, 1.5170.

Trading tips

Open short positions at current price with the nearest target at 1.5235 if the current downward trend continues. A firm breakout will open a way to a level of 1.5198. The consolidation of the pair above 1.5340 will outline an uptrend. Bulls' target then will be a level of 1.5440.

Publication source
LiteForex information  LiteForex reviews

September 26, 2016
The aftershocks of FOMC
The FED did not raise interest rates last week, as it was anticipated by many market participants. It seems like the FED decided to go with status quo and wait until a new American president is elected. We are waiting for a rate hike to take a place in December as it would be logical and a well justified thing to happen...
September 26, 2016
The week ahead: Focus shifts from central banks to politics
Monday’s US presidential debate will probably break a new record, not in the S&P 500, but the number of viewers which according to media analyst could reach over 100 million Americans, surpassing Carter-Reagan debate in 1980 which attracted 80.6 million viewers...
September 23, 2016
Risk rating
The market is in need of a new narrative. The Fed meeting in December is too far off and for now, the US election is not something that entices excitement. With central banks on hold, markets are pushing the envelope in terms of risk...

FIBO Group Rating
FxPro Rating
FOREX.com Rating
FXTM Rating
HotForex Rating
Vantage FX Rating

Porter Finance Rating
Anyoption Rating
Banc De Binary Rating
TropicalTrade Rating
OptionFair Rating
365BinaryOption Rating