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Forecast and trading recommendations on GBP/USD for February 09, 2015

The stronger US dollar once again pushed the cable 100 pips backward in the previous day. This week, the UK's major economic data is due on Thursday. The inflation data and BOE Governor's speech will be released. On the same day, the US economic data core retail sales, retail sales, and unemployment claims are due. From the lows, the pair managed to gain 400 pips. In the previous week, the cable gained 150 pips on a weekly closing basis. The weekly resistance exists at 1.5375 levels or 50Dsma. In case, if the pair closes above 50sma, the short-term trend turns to positive. Then, bulls can challenge 1.5480, 1.5585, 20Wsma, and 1.5620. On the daily chart, the prices gave an upside breakout, considering the descending trend line and prices close above 20Dsma. The UK PMI data made the Pound bullish. During the previous week, we recommended buying above 1.5225 with the targets at 1.5265, 1.5320, and 1.5400. The cable made a high at 1.5352.

The cable has support at 1.5180 and 1.5140. Until the prices close above 1.5139 on a daily closing basis, the trading pattern is framed between 1.5380 and 1.5139. In case if the pair closes below 1.5139, bears can challenge 1.4990. The intraday support levels exists at 1.5160. On the h1 chart, the prices are closed and trading below the hourly moving averages. Bulls can regain strength above 1.5300. We recommend fresh selling below 1.5160 with the targets at 1.5140, 1.5125, and 1.5100. The panic will be triggered below 1.5100. On the monthly chart, the previous supports exist between 1.4830 and 1.4800.

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Selling below 1.5160.

Buying above 1.5260.

Uitgevoerd door, Analytische expert
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