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

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