GBP/USD: Investors are waiting the data on NFPR

7 March, 2014

Current trend

During yesterday’s trades investors were focused on the monetary policy decision of ECB and for good reason. ECB has left interest rate unchanged, refinancing rate was also kept at the previous level of 0.25%, while deposit rate amounted 0.00%. In the morning British currency was sluggish and in the evening fell to the level of 1.6690, reaching the level of 1.6775, which has not been broken down. At the closing session the pair traded at the level of 1.6740. Today, attention will be drawn to the US data on labour market, including NFPR. It is expected that this index will grow to 150 thousand. However, if the forecast is not justified, the pair may consolidate above the level 1.6770, and in future reach the level of 1.6800.

Levels of support and resistance

The nearest resistance levels: 1.6470, 16755 and 1.6775, the latter one is the key level for the “bulls”. Support levels: 1.6725, 1.6710 and 1.6700.

Trading tips

Even if US data would below expectations (leading to the rise in the pair) GBP/USD is unlikely to stay at this level for a long time. It is more likely that the pair will experience correction. Therefore, it is advisable to place limit orders to sell at the level of 1.6775. Short positions can be opened below the level of 1.6700.

 

Ilya Lashenko

Analyst of LiteForex Group of Companies

- See more at: http://www.liteforex.com/trading/detail/analytics/24014/#sthash.OQ11s4YZ.dpuf

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