The GBP/USD keeps strenghtening amid the USA weak statistics

April 29, 2015

Euro
The euro shows the steady growth against the dollar and it recorded slight increase after setting a new intraday high. The France consumer confidence index has grown for the third month in a row in April and has reached the highest level for more than five years. According to the Insee National Statistics Agency, the consumer confidence index in the Eurozone second largest economy rose up to 94 in April from March that is the highest level since January 2010.

The pair EUR/USD kept a positive attitude with the beginning of the new trading week, having found the support around 1.0880-1.0900 and tested the resistance near 1.0980-1.1000.

The support levels are 1.0880-1.0900, and the resistance levels are 1.1000-1.1020.

MACD is in a positive territory.

Trading recommendations
The pair is still being bought off on dips that allowed testing near 1.1000-1.1020. The support loss near 1.0750-1.0770 can signal about the downtrend resumption.


Pound
The British Pound continues to hold the leadership positions in the foreign exchange market. Yesterday the pound again strengthened against the dollar. There was published the main economic indicator - the first UK GDP assessment for the first quarter. The indicator was forecasted with growth by 0.5% q/q and 2.6% y/y after + 0.6% q/q, + 2.7% y/y in the previous quarter. However the results were lower: 0.3% q/q and 2 4 y/y.

The bears’ attempt to regain control over the pair pound / dollar was unsuccessful, reaching the 51st figure where the pair was bought off and having broken the resistance near the 52nd figure, it rose up above the level of 1.5260-1.5280.

The support levels: 1.5260-1.5280 and the resistance levels: 1.5400-1.5420.

The MACD indicator is in a positive territory.

Trading recommendations
It is possible the resistance around 1.5400-1.5420 testing, designated by us as the nearest target for bulls. The loss of the 52tnd figure may lead to decrease towards the 51st and this figure breakthrough will call into question the pound ability to continue its correction.


Yen
The Japanese yen came under pressure from the dollar part. However, pressure on the Japanese yen was short-lived and the yen soon leveled its losses. The Japan reports showed the retail sales impressive decrease in March - the trade volume fell by 1.9% m/m and up to -9.7% y/y vs. 0.7% m/m -1.7% y/y in February while it was expected a growth on the month basis by 0.6% m/m and year on year decline to -7.4% y/y Having started the new week with a positive attitude, the US dollar rose slightly against the Japanese yen, having tested the resistance near 119.25-119.45. However, the US dollar failed to continue its growth and it again came under pressure, having declined.

The support levels: 117.95-118.15, and the resistance levels: 119.25-119.45.

The MACD indicator is in a negative territory.

Trading recommendations
The downside risks towards the 116th figures are still high although bears still need to break through the support near 117.95-118.15.

Ruban Sergey
Analyst of «FreshForex» company

Publication source
FreshForex information  FreshForex reviews

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