GBP/USD overview for July 07 2015

7 July, 2015

General overview

The market was opened with a gap amid the Greece national referendum results, but the gap size was smaller than in the pair EUR/USD. The UK service sector business activity release came out positive on Friday, but if we look at the quarter dynamics, there we can see a smooth slowdown. In this regard, the Bank of England forecasts about the high economic growth in the second quarter can be called into question.

The British pound has been declining against the US dollar for the second week. The pair slightly corrected by the end of the trades.

The price is finding the first support at 1.5550, the next one is 1.5460. The price is finding the first resistance at 1.5670, the next one is 1.5775.

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 negative territory. The price is correcting.

Trading recommendations

The downward movement will be continued. The pair may go to 1.5550 and 1.5460 soon.


Source link  
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...

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...

  


Share: