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

September 30, 2016
Euro continues to trade sideways inside a 100pips range
Looking at the hourly chart, the pair still fighting to overtake 1.1235 barrier, which is considered as the near-term resistance for the single currency...
September 29, 2016
Will Brexit be more painful for Europe rather than for the UK?
The risk is increasing on the market ahead OPEC meeting in Algiers and Yellen testimonial, which will happen before the House panel. FED-fueled rally on gold starts to fizzle out as the December futures keep on a losing streak for a second day, finally dipping by 0.12% to 1,328.75...
September 28, 2016
US presidential debate moves unwind
The market’s initial response to the US presidential election debate overnight was a clear sigh of relief. The Mexican Peso, which had hit a record low against the dollar just the day before, surged higher, as too did the Canadian dollar...

FxPro Rating
HYCM Rating
XM Rating
FXCM Rating
Larson&Holz IT Ltd Rating
FXTM Rating

24option Rating
365BinaryOption Rating
TopOption Rating
OptionFair Rating
Banc De Binary Rating
EZTrader Rating