GBP/USD forecast for June 08, 2015

June 8, 2015

General overview

The monetary policy committee kept the asset purchases program in the amount of 375 billion pounds. The fall in consumer prices by 0.1% on an annualized ratio revived fears among investors about the Europe's third largest economy deflation. In these circumstances, we do not count on the monetary policy change and the interest rates raising before 2016.

The whole week the British pound was correcting against the US dollar towards the upward channel. The resistance level of 1.5350 was broken through.

The price is finding the first support at 1.5200, the next one is 1.5100. The price is finding the first resistance at 1.5390, the next one is at 1.5460.

The price is below the Cloud and it is below the Chinkou Span. The Kijun-sen shows a horizontal movement, the Tenkan-sen is directed downwards.

The MACD histogram is in a neutral territory. The price is decreasing.

Trading recommendations

We believe the falling will be continued. The price will fall towards 1.5100 soon.

Publication source
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