GBP/USD: general analysis

December 31, 2014

Current trend 

On Tuesday the pair GBP/USD has slightly grown due to technical correction. However, the USD is still supported by the data on the US GDP, which has grown by 5% versus expectations of 4.3%. Volatility is not expected to be high this week; however, the data on business activity in the manufacturing sector of the UK, which is scheduled for the release on Friday, can trigger the rise in the British currency.

Today, the number of applications for unemployment benefits in the USA will be released. However, this index has already reached the record low.

Support and resistance

The nearest resistance level is the lows of last Friday at the level of 1.5586. Support level is at the moving average with the period 50 and the drift of 10 (1.5528). 

Trading tips 

It is recommended to open short positions with the target of 1.5505 and protective order of 1.5586.

Igor Shukin
Analyst of LiteForex Investments Limited

Publication source
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