GBP/USD: review and forecast on 13.07.2015

July 13, 2015

Current trend

On Friday, the GBP strengthened against the USD and reached 1.5549. Investors’ confidence came from hopes on the agreement between Greece and its creditors and from the rebound of the Chinese stock markets.

Sharp growth of the Chinese stock markets was determined by the measures of the government that forbade stocks sales for investors with five or more percent stake in blue chip companies. The government also launched an investigation into stock market manipulations.

The pair found a support in the latest data from the UK where the Trade Balance deficit in May fell from 9.39 billion to 8 billion pounds (forecasted 9.7 billion pounds).

The Greek situation is going to remain central for this week.

Support and resistance

Resistance levels: 1.5449 (yesterday high, 38.2% Fibonacci), 1.5630 (50% Fibonacci), 1.5700 (psychologically important level, 61.8% Fibonacci), 1.5800 (psychologically important level).

Support levels: 1.5466 (local low on the 1-hour chart), 1.5400 (psychologically important level), 1.5329 (lower MA of Bollinger Bands, 8 July low), 1.5257 (9 June low), 1.5173 (1 June and 5 May lows).

Trading tips

Open short positions after the breakdown of the level of 1.5460 with targets at 1.5400, 1.5330 and stop-loss at 1.5500.

Long positions can be opened from 1.5555 with targets at 1.5630, 1.5700 and stop-loss at 1.5500.

Publication source
LiteForex information  LiteForex reviews

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...
December 2, 2016
Oil may remain above $50
The Oil price continued to push higher today reaching its highest level in over a year with some predicting that the OPEC deal reached yesterday was a game changer and further gains are expected...

HotForex Rating
OANDA Rating
FOREX.com Rating
XTB Rating
Z.com Trade Rating
Vantage FX Rating

IQ Option Rating
24option Rating
OptionBit Rating
OptionRally Rating
OptionsXO Rating
Grand Option Rating