GBP/USD: analysis and forecast for November 21, 2013

21 November, 2013

Current trend

Yesterday afternoon quotes of the currency pair GBP/USD fell to 1.6070 in respond to the publication of the minutes of the US Fed’s last meeting. Members of the Open Market Committee confirmed recovery of the American economy and considered a possibility to   curtail bond purchase program in the near future; however they decided to postpone this measure until further improvements in the labour market.

Today statistics on net borrowings in the public sector of Great Britain will become known. According to the forecast budget deficit will reduce reaching 4.8 billion pounds, which will support the British currency. 

Support and resistance

At the moment the pair is experiencing correction. During the day the price is likely to reach the level of 1.6115 (medium line of “Bollinger bands” indicator. If this level is broken down the pair may go up to 1.6150 (top moving average of “Bollinger bands”). On the four-hour chart technical indicators give mixed signals. MACD histogram is in the positive zone; its volumes are decreasing. Stochastic lines are in the oversold zone shifting to the upward movement.

Trading tips

In the current conditions it makes sense to open long positions with the target of 1.6115. Pending orders to buy can be placed at the same level with profit taking near 16150.

Dmitriy Zolotov
Analyst of LiteForex Group of Companies


Source link  
S&P500: will the correction continue?

Since December 2015 the index S&P500 has been in the downtrend. In February, the index fell to the level of 2108.0, which is almost 15%. In the past 4 sessions the index had adjusted, approaching the level of 1935.0...

XAU/USD: A decline is likely to continue

On the 4-hour chart, the price is testing the level of 1210.80 (23.6% correction); the ascending 38.2% fan line is an additional resistance for the price. If this resistance area is overcome, a growth would continue to 1224.90 and 1249.25...

XAG/USD: pair is falling on February 16, 2016

Yesterday, the price of silver fell to last Thursday’s opening levels, when a new local low since the end of October 2015 was reached. Prices of commodity assets are falling as risk appetite is gradually returning to the market...


XAG/USD: silver slowed growth on February 11, 2016

Yesterday the pair showed choppy trade and closed at its opening level. The price was pressured by growth in the European stock markets and Fed Chair Janet Yellen testimony before the US Congress...

Analytical review of American Express Company

The Company ranks 23th on capitalization in the finance sector among the Issuers, trading in the American stock market. On 22 January the company reported for Q4 of the fiscal year of 2015. The company has been demonstrating negative dynamics for the last few quarters...

Brent: decline has resumed on February 05, 2016

Since the opening of the trading day the price of crude oil Brent is declining. On the hourly chart the price has broken down the first support level of 34.35 (ÅÌÀ50), which is ÅÌÀ200 on the four-hour chart...


XAU/USD: Gold is overbought on February 04, 2016

The price of gold has returned to the level of 1190.00 USD per troy ounce, (which is had at the beginning of November), regaining half of the losses since mid-October 2015. On the daily chart the price has broken down strong resistance levels 1129.00 (ÅÌÀ200)...

EUROSTOXX50 : Volatility in the financial markets continues

Amid sharp decline in the global stock indices since the beginning of the year European index EUROSTOXX50 has lost about 14%. During the final surge of decline from 3515.0 to 2840.0 last December, the price has managed to go above the level of 23.6% Fibonacci...

Brent: Oil prices can renew the plunge

On the daily chart the price has broken down the upper line of the downward channel at the level of 35.50. Although, on the daily chart the indicators OsMA and Stochastic recommend long positions; on the four-hour chart the indicators give signals in favor of the sell positions...

  


Share: