GBP/USD: Analysis and forecast for April 15, 2014

April 15, 2014

Current trend

Yesterday was a quiet day for the currency pair GBP/USD. Trading session started at the level of 1.6728, then, the pair tried to break down support level of 1.6700 but with no success even despite the fact that the level of retail sales in the USA was far above expectations. Attention today shall be focused on British consumer price index. According to forecast this indicator will fall, which will put pressure on the pair. In the afternoon, US data on consumer price index and business activity index in the manufacturing sector will become known, If the data proves to be below expectations, the pair will continue to go up.

Support and resistance

At the moment the pair is trading at the level of 1.6715, which coincides with Fibonacci line of 61.8% and prevents further decline in the pair. Next support levels are 1.6700, 16685 and 1.6660. Resistance levels: 1.6745, 1.6760 and 1.6790.

Trading tips

It is likely that the pair will continue to decline. However, negative US statistics can push the pair to go to 1.6760. It makes sense to place limit buy orders at the level of 1.6680.

Ilya Lashenko

Analyst of LiteForex Group of Companies

Publication source
LiteForex information  LiteForex reviews

January 19, 2017
Is equilibrium out of reach?
Let’s check what’s going on with Oil before turning our attention to the Russian Ruble. “Black gold” is forming a reversal pattern next to the key level of 52.10. The only matter is that this pattern is above the horizontal level, but the 52.10 level can potentially become the neckline of our pattern...
January 18, 2017
Trump Inauguration Market Outlook
Friday, January 20, 2017 will mark the historic inauguration of what promises to be a highly unconventional US presidential administration...
January 17, 2017
Oil spikes higher on Saudi Oil minister comments
Oil has spiked higher on Al Falih comments in Davos (Saudi oil minister). He said during a panel discussion at WEF in Davos that there will be inflation in the cost of doing business in the oil industry, following the squeeze that accompanied the decline in crude prices...

Vantage FX Rating
Tickmill Rating
 FXTM Rating
FIBO Group Rating
Grand Capital Rating
FOREX.com Rating

IQ Option Rating
OptionBit Rating
OptionRally Rating
Empire Option Rating
GTOptions Rating
Banc De Binary Rating