LiteForex EU (ex Mayzus) - Analytics

LiteForex EU (ex Mayzus)

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06 February 2015: GBP/USD: analysis and forecast

GBP/USD: analysis and forecast

 

 

 

 

The British currency has been growing for the third consecutive day. Yesterday the pair reached a 4-week record high at a level of 1.5343 with the pound supported by positive macroeconomic indicators. The housing price index from Halifax grew by 2% at a monthly rate instead of the expected 0.2%. At an annual rate, UK housing prices increased by 8.5% although a 7.8% growth was forecast. British data has been satisfying investors for the whole week, which significantly supported the pound. Growing housing prices are approaching inflation to the key level at which the Bank of England will be able to increase the interest rate.

The US key macroeconomic index - non-farm payrolls - will be released today. According to forecasts, a number of non-farm payrolls must reduce by 16 000, which will weaken the American currency.

Resistance levels: 1.5343, (yesterday's maximum), 1.5400 (important psychological level), 1.5500 (important psychological level), 1.5620 (maximum of 31 December 2014).

Support levels: 1.5251 (4 February's maximum), 1.4952 (yesterday's minimum), 1.4900 (important psychological level), 1.4812 (3 February's minimum).


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