Current trend GBP/USD reached this month's lowest value on Friday, having dropped...

March 9, 2015

Current trend
GBP/USD reached this month's lowest value on Friday, having dropped to a value of 1.5031. The pound weakened owing to the strengthening of the US dollar. Data on non-farm payrolls turned out to be better than expected,  demonstrating an increase in new jobs by 295 thousand against a forecast of 241 thousand and the previous value of 239 thousand. The unemployment rate decreased by 0.2% and amounted to 5.5%, which is better than a forecast of 5.6%.

Last Thursday, the Bank of England kept interest rates at the same record low level of 0.5% set in March 2009. The Central Bank also kept the asset purchase program volumes unchanged, at a level of 375 billion pounds.

This week, the pound will be influenced by statistics for manufacturing and industrial production volumes in the UK. The outlook for these 2 indexes are quite upbeat and the British currency will be able to recover slightly.

Support and resistance
Resistance levels: 1.5100 (lower line of Bollinger bands), 1.5200 (important psychological level), 1.5226 (6th March's maximum) 1.5345 (middle line of Bollinger bands), 1.5461 (27th February's maximum).

Support levels are local lows at 1.5031, 1.4952, 1.4900 and 1.4850.

Trading tips
Buy after a level of 1.5100 is broken with the first target at 1.5200 and second target at 1.5256. Sell from a level of 1.5030 with targets at 1.4950 and 1.4900.

Andrey Cherkas
Analyst at LiteForex Investments Limited

Publication source
LiteForex information  LiteForex reviews

December 7, 2016
Oil ma pull back to $40
The oil price fell for the first time in 4 days today as skepticism creeped in over some OPEC member’s commitment to keep to their end of the deal and cut production...
December 6, 2016
Shale sector tries to reap the gains of the OPEC deal
The prices extend gains after OPEC’s output cut deal brings short-term optimism. Forward market shows that the US oil producers are rushing to lock the profit, selling oil contracts for above $50 a barrel at the start of 2018...
December 5, 2016
Crisis Lite
The Italian referendum on constitutional reform saw voters reject the proposals in front of them, in a fairly decisive manner. As such, Italian PM Renzi will tender his resignation today and this became part of the issue...

Fort Financial Services Rating
FxPro Rating
HYCM Rating
OctaFX Rating
XM Rating

Beeoptions Rating
IQ Option Rating
365BinaryOption Rating
Binary Brokerz Rating
TropicalTrade Rating
TopOption Rating