GBP/USD overview for July 09 2015

July 9, 2015

General overview

As the United Kingdom has not published any important macroeconomic statistics, the market's attention was directed to the US Federal Reserve report, which, as it became known later, introduced nothing new. The Fed is still only gave promises to raise the rate. In addition, the sentiments were determined by the commodity and the bond market dynamics. It is worth noting that now both markets are against the British pound. The commodity market sales increased the dollar position, because the raw materials cost was denominated in the US dollar.

The pound fell against the dollar that was caused by the GDP negative data ( the manufacturing industry production volume).

The potential target for the price decline was the support level of 1.5430 where we expect a consolidation with a slight increase.

The price is finding the first support at 1.5300, the next one is 1.5200. The price is finding the first resistance at 1.5390, the next one is 1.5460.

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 shows a downward movement and the Kijun-sen shows 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 decreasing.

Trading recommendations

The downward movement will be continued. The pair may go to 1.5300 soon. The next target will be 1.5200.

Publication source
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