GBP/USD overview for August 06, 2015

August 6, 2015

General overview

The latest publication showed the UK construction sector slowdown. The business activity index in the sector fell to 57.1 in July whereas it previously set the four-month high at the level of 58.1. Analysts expected the growth rate to 58.5.

The British pound corrective growth, formed at the level of 1.5460 gave a signal for the downward rebound. The signal served the support level of 1.5550 testing. However the pair rebounded upwards.

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 non-confirmed and a weak buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud.

The MACD histogram is in a neutral territory. The price is growing.

Trading recommendations

We may expect the growth towards 1.5670 further on we expect a fall to 1.5550, 1.5460.

Publication source
Fort Financial Services information  Fort Financial Services reviews

February 20, 2017
What is the next target for the UK?
The dramatical event looms large for Pound, which can sweep the British currency off its feet – the official exit from the EU. The Prime Minister Theresa May said that the process can be initiated as close as possible to the EU summit in Brussels, scheduled to take place on 9-10 March...
February 20, 2017
Gold remained around its recent peaks
Despite the overall positive outlook the yellow metal seems to be having problems with its further advance. Inability to move higher may return some selling pressure to markets. Sellers’ profit targets lie at 1230 and 1220 levels...
February 17, 2017
NZD looks to weaken
The New Zealand dollar has found itself under pressure in recent days as the market has started to hedge a little while it waits on the next steps for the US economy...

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