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

January 20, 2017
Cautious EURUSD Ahead of ECB Press Conference
USD, and the US government bond yields, surged last night following Fed president Janet Yellen’s speech to the Commonwealth Club in San Francisco...
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...

FXCM Rating
OctaFX Rating
 FXTM Rating
Tickmill Rating
Orbex Rating
HotForex Rating

TopOption Rating
Banc De Binary Rating
Porter Finance Rating
Binary Brokerz Rating
OptionRally Rating
365BinaryOption Rating