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

November 21, 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

Publication source
LiteForex information  LiteForex reviews

September 27, 2016
Markets start last week of September on the back foot
It hasn't been a great start for global equities in this last week of September, with European indices dropping between 1.0 to 1.5 per cent during Monday’s morning session, mirroring a similar performance in Chinese and Japanese markets overnight...
September 23, 2016
Gold rises to critical level on lower-for-longer policy signals
The price of gold extended its rebound modestly on Thursday after the US Federal Reserve provided some key signals on Wednesday that, despite a considerable probability of one Fed rate hike by the end of this year...
September 22, 2016
Moving on from the Fed
The reaction seen in currency markets yesterday to respective central bank policy decisions was instructive of the change in dynamics that we’re seeing. The BoJ enacted a number of changes to its policy regime...

OctaFX Rating
FBS Rating
FIBO Group Rating
Fort Financial Services Rating
FxPro Rating
XM Rating

Binary Brokerz Rating
Empire Option Rating
TropicalTrade Rating
OptionFair Rating
IQ Option Rating
OptionBit Rating