GBP/USD: general analysis for November 18, 2013

November 18, 2013

Current trend 

Last Friday the British currency was able to consolidate above the level of 1.6100 and now the pair GBP/USD is testing the level of 1.6134 (highs of Friday). Last week the Bank of England raised the economic growth forecast for this year from 1.4% to 1.6% and for the next year from 2.5% up to 2.8%. According to British regulator target of unemployment rate of 7% can be reached next year. His statement encouraged the “bulls” to act more actively.

Levels of support and resistance

The nearest resistance level on the daily chart is 1.6134 (highs of last Friday). Next obstacle for the upward movement in price will be the local highs of 1.6180 and 1.6256. Support levels are 1.6100 and 1.6047.

Trading tips 

MACD histogram has reached the zero line and went up, suggesting that uptrend may continue up to the level of 1.6256. Long positions can be opened above the level of 1.6134 with profit taking at the level of 1.6180.  

Andrey Cherkas

Analyst of LiteForex Group of Companies

Publication source
LiteForex information  LiteForex reviews

January 19, 2017
Is equilibrium out of reach?
Let’s check what’s going on with Oil before turning our attention to the Russian Ruble. “Black gold” is forming a reversal pattern next to the key level of 52.10. The only matter is that this pattern is above the horizontal level, but the 52.10 level can potentially become the neckline of our pattern...
January 18, 2017
Trump Inauguration Market Outlook
Friday, January 20, 2017 will mark the historic inauguration of what promises to be a highly unconventional US presidential administration...
January 17, 2017
Oil spikes higher on Saudi Oil minister comments
Oil has spiked higher on Al Falih comments in Davos (Saudi oil minister). He said during a panel discussion at WEF in Davos that there will be inflation in the cost of doing business in the oil industry, following the squeeze that accompanied the decline in crude prices...

OctaFX Rating
Tickmill Rating
 FXTM Rating
FIBO Group Rating
FXCM Rating
XM Rating

Binary.com Rating
TropicalTrade Rating
Dragon Options Rating
OptionRally Rating
Porter Finance Rating
IQ Option Rating