GBP/USD: Analysis and forecast for March 28, 2014

March 28, 2014

Current trend

At the opening session of this week the pair reached the lows of 1.6450, and after that it started to move towards the previous levels. Throughout the week quotes have been in the uptrend. On Thursday British retail sales data became known. The index was far above the forecast, which had a positive effect on the British currency. The pair managed to consolidate above the level of 1.6600. Retail sales in February reached the level of 1.7% against the forecast of 0.5%. Experts fear that the same index in March will be weaker. British Final GDP for Q4 will be made public today, however it is not supposed to attract investors’ attention. Trading is expected to be sluggish in the narrow range.

Levels of support and resistance

At the moment the pair is testing support level of 1.6620. Next support levels are 1.6600, 1.6575, 1.6540 and 1.6500. Resistance levels: 1.6650, 1.6670. The latter one is the key level of the “bulls”

Trading tips

It is recommended to open long positions above the level of 1.6670. Sell orders are advisable after breakout of the level of 1.6600. It also makes sense to place limit sell orders at the level of 1.6650 with profit taking at the level of 1.6600.

Ilya Lashenko

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...

FXCM Rating
XM Rating
Vantage FX Rating
HYCM Rating
FBS Rating
Orbex Rating

Anyoption Rating
Beeoptions Rating
Porter Finance Rating
TropicalTrade Rating
OptionsXO Rating
Grand Option Rating