GBP/USD: pound grows faster on 19.08.2015

August 19, 2015

Current trend

Yesterday, the British currency grew supported by the publication of favorable UK macroeconomic statistics. Later, when US data was released, US currency managed to gain back some of its losses, however, in general, a strong "bullish" potential in the pair remained.

UK Consumer Price Index grew by 0.1% in the year to June, exceeding the expectations. On a monthly basis, the indicator lost 0.2%; nevertheless, the actual data was still above the forecasts. Core Consumer Price Index grew from 0.8% to 1.2% in July.

Support and resistance

Bollinger Bands indicator on the daily chart shows a weak downward signal. Short positions may be considered; however, “bearish” dynamics should be confirmed yet.

MACD indicates an upward trend. Keep opened long positions and wait to open new ones.

Stochastic continues declining. Place buy orders in the short run.

Support levels: 1.5659, 1.5600, 1.5558 (18 August local low), 1.5520, 1.5465 è 1.5400.

Resistance levels: 1.5700 (near current local highs), 1.5770, 1.5800 (24 July high), 1.5850, 1.5900.

Trading tips

Open long positions after the breakout of 1.5700 (with appropriate indicators signals) with the target at 1.5800 and stop-loss at 1.5600.

Open short positions when the pair turns down neat the current levels of 1.5659, 1.5700 with targets at 1.5600, 1.5558 and stop-loss at 1.5750

Publication source
LiteForex information  LiteForex reviews

October 21, 2016
US Presidential Election: Final Debate Aftermath
With the dust having settled after Wednesday final US presidential debate of the 2016 campaign between Donald Trump and Hillary Clinton, the results have become rather apparent...
October 20, 2016
Doting on Draghi
The ECB meeting arrives today when EURUSD is testing key levels. The mid-year lows at 1.0952 is perilously close as I write, whilst the post-Brexit referendum low of 1.0913 being in the frame after that. It’s hard to see the ECB adding to its quantitative easing policy...
October 19, 2016
A bullish presence on the market
The Dollar upturn seen in the recent weeks that was influenced by the firm belief in a rate hike of December fizzles out, after Yellen’s speech and the downbeat US inflation and manufacturing data...

FXTM Rating
Fort Financial Services Rating
Grand Capital Rating
Vantage FX Rating
FXCM Rating
FIBO Group Rating

EZTrader Rating
24option Rating
OptionRally Rating
IQ Option Rating
OptionBit Rating
Empire Option Rating