GBP/USD: general analysis for October 29, 2013

October 29, 2013

Current trend 

The Pound has pushed off from the upper limit of the ascending channel and is trading at the level of 1.6141. In general, the British currency is attractive for investments. The latest economic data showed that British GDP has increased by 0.8% in Q3.

However, economists believe that British economy is far from full recovery. We would like to remind that in August Central Bank of England left interest rate unchanged at the level of 0.5%. Monetary policy will remain unchanged until unemployment rate does not drop below 7%. According to estimates of the Central Bank this process may take up to 3 years. On the other hand, officials are not going to increase volume of quantitative easing in the near future, which will certainly have a positive effect on the Pound rate against other major currencies.

Attention this week shall be paid to fundamental data on sentiment index GFK and mortgage lending in Great Britain.

Support and resistance

The nearest resistance level on the daily chart is 1.6255. Support level: 1.6065.

Trading tips 

It is recommended to open long positions from the level of 1.6265  with the target of 1.6448 and protective orders near 1.6230. 

Dmitry Agurbash

Analysts of LiteForex Group of Companies

Publication source
LiteForex information  LiteForex reviews

October 20, 2016
Doting on Draghi
The ECB meeting arrives today when EURUSD is testing key levels. The mid-year lows at 1.0952 is perilously close as I write, whilst the post-Brexit referendum low of 1.0913 being in the frame after that. It’s hard to see the ECB adding to its quantitative easing policy...
October 19, 2016
A bullish presence on the market
The Dollar upturn seen in the recent weeks that was influenced by the firm belief in a rate hike of December fizzles out, after Yellen’s speech and the downbeat US inflation and manufacturing data...
October 18, 2016
Is the USD in for high pressure
The Greenback advanced to a seven-month peak against multiple other major currencies on Monday. This caused traction as the US last week’s economic data had no cause for anxiety, backing the expectations of a rate hike in December...

Fort Financial Services Rating
FBS Rating
OctaFX Rating
XM Rating
Tickmill Rating
Orbex Rating

Grand Option Rating
Empire Option Rating
Porter Finance Rating
OptionFair Rating
Beeoptions Rating
Binary Brokerz Rating