GBP/USD review for June 19, 2015

19 June, 2015

General overview

The National Statistics Office has published the May UK retail sales data. We mark the average earnings growth acceleration at the end of March and April which indicates the consumer spending increase. In this context, we expect the data output bit better than the forecasted medians. The data shed a growth by 0.2% m/m è 4.6% y/y

In view of the US Federal Reserve negative economic forecasts - the pair may reach the psychological level of 1.5950 in the short term.

At the session the British pound session significantly strengthened against the US dollar, breaking through the two strong resistance levels: 1.5670, 1.5775. The levels breakthrough was amid the increased volume.

The price is finding the first support at 1.5775, the next one is 1.5670. The price is finding the first resistance at 1.5950, the next one is 1.6080.

There is a confirmed and a strong buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen shows an upward movement and the Kijun-sen shows a horizontal movement. The upward movement will be until the price is above the Cloud.

The MACD histogram is in a positive territory. The price is consolidating.

Trading recommendations

The approach to the level of 1.5775 may lead to a price rebound upwards. The potential rebound targets are the resistance levels of 1.5950, 1.6080


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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...

Euro met an obstacle around 1.1700

The spot recovered to 1.1750 where the euro spent the first part of the night. An increased selling pressure weighed on the major in the mid-Asian session...


Gold keeps losing ground

The previous upward momentum lost strength at 1330 dollars per once. After facing selling resistance at the level the pair turned around and softened...

Gold started week with a gap downwards

The precious metal is around the lower boundary of the upward channel now. If sellers remain in the driver’s seat the spot may continue...

XAU/USD pair keeps its buy mode intact

The spot broke above previous day’s top and climbed to 1355 over the night trades. Gold is likely to continue its growth. Buyers aim at 1360 now...


Rebound from 1280 lifted gold prices

The spot jumped to 1290 and broke the level soon after testing it. As the most probable scenario, we consider further moving upwards towards...

Gold price sharply dropped

Buyers continued to struggle with 1290. However, all their attempts faced sellers' resistance around the hurdle. The level rejected the price...

Sellers continued to dominate

The euro bounced from 1.1750 and weakened to 1.1700 during the night and morning trades. The resistance resides at 1.1750, the support comes in at 1.1700...

  


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