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Technical analysis and trading recommendations on GBP/USD for February 04, 2015

The cable gave a strong close, but restricted the descending trend line. The U.S. dollar is slipping against most major currencies. Greece's hopes weigh against the U.S. dollar. The U.S. economic data are disappointing as well. The U.S. factory orders fell sharply. The U.K. released the construction data which appeared to be quite strong in January. The construction PMI index rose to 59.1 from a 17-month low at 57.6 in December. It's a good sign for bulls to make a bottom in the near and medium term. The pair made a low at 1.4950 in January. On the monthly charts, the previous supports are seen between 1.4830 and 1.4800.

After 4 days, the pair managed again to close above 20Dsma. Bulls can hold the upper hand longer in case if the prices overcome 1.5225 with the targets at 1.5265, 1.5320, and 1.5400. The strong resistance levels exist between 1.5225 and 1.5270. The pair can make a breakout with a 300-pips upswing, in case the prices close above the descending trend line on the daily chart. It is too early to foresee such a big target. but it's better to keep an eye on it. We have been recommending fresh selling only below 1.4950 and the same is advised now. The intraweek support exists at 1.5120 or 20Dsma. Today, at the Asian session the pair was unable to breach the trend line and is trading in red now. Until the prices close above 1.5060, use any dip to buy this week.

Support:1.5140,1.5095,1.5060

Resistance:1.5180,1.5225,1.5270

We recommend fresh buying above 1.5180

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Uitgevoerd door, Analytische expert
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