GBP/USD: general analysis on 23.06.2015

June 23, 2015

Current trend 

Yesterday, the USD was steady against the major currencies basket and at the same time it has slightly strengthened against the Pound. Sales of the existing homes in the USA have increased by 5.1% versus expectations of 4.4% and the decline of 2.3% a month ago. In addition, the USD is under pressure from the comments of the US Fed about the timing of the interest rate increase. The economic growth forecast in the country was revised down and the inflation still remains at the low level.

Today, the US data on the orders for durable goods will become known. These are the products with the service life exceeding three years, and which consequently involves large investments. After this news the volatility will probably increase and the Pound can return to seven-month highs.

Support and resistance

The nearest resistance level is yesterday’s highs (1.5905). Support level: 1.5720 (moving average line with the period 40).

Trading tips

It is likely that due to the comments made by the US Fed, the USD will continue to weaken, and in case of the negative data on the orders for durable goods, the pair can roll back to yesterday’s highs at the level of 1.5905. Stop-loss for the long positions should be placed at the level of 1.5720.

Publication source
LiteForex information  LiteForex reviews

October 24, 2016
Dollar at a 3-week winning streak
The US dollar completed three weeks of back to back gains with the US dollar index seen trading above the 98.55 handle. Without any pullback so far, further upside could come at a significant risk...
October 24, 2016
Golden week for dollar but USD/JPY bucks trend
It has been a very good week for the US dollar and a really bad one for the euro and Canadian dollar, among others. The rally has lifted the Dollar Index to its highest level since early February and possibly on course to 100...
October 21, 2016
EUR/USD remained unchanged after the ECB
The price maintained its bearish tone on Thursday. The EUR/USD pair stayed around its recent lows during the day. The euro slightly strengthened towards 1.1000 ahead of the US opening. The 50-EMA limited the euro recovery in the 1 hour chart...

FXCM Rating
XM Rating
Grand Capital Rating
Tickmill Rating
FXTM Rating
OctaFX Rating

OptionRally Rating
Grand Option Rating
Empire Option Rating
TropicalTrade Rating
24option Rating
Binary Brokerz Rating