Vector Securities - Analytics

    Vector Securities

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    The end of the month is close, but there is no certainty yet

    The end of the month is close, but there is no certainty yet

    Under lack of any positive dollar continued retreating on the first day of the week. Economic calendar didn’t contain significant events, unimportant Index of business activity in service sphere decreased contrary to expectations. Players didn’t find reasons for dollar’s growth and followed the path of least resistance, appeared at the end of last week – inactive elimination of long positions. Despite this retreat, technical picture didn’t face global changes – main levels are untouched.

    Today there are no planned events for euro. The pair is cautiously approaching monthly maximums and there are no visible reasons for activation of bulls or bears till FOMC session. However, US Index of consumer confidence with positive forecasts will be published today. Still, dollar needs more visible confirmation of renewed economic growth, so positive effect will be limited for dollar in this case. Today more interesting events can appear in GBPUSD pair – preliminary data on GDP for the 1st quarter will be published. Although growth is predicted, but rates of this growth are gradually lowering. All this coupled with political uncertainty due to upcoming parliamentary elections in the U.K. develop an interest to the pair’s sales.

     

    Trade tactics:

    Today we pay attention to GBPUSD pair. We have mentioned the reasons above. Besides, our technical indicators at middle-term periods show that the have reached overbought zones. We will look for sale point after the publication of the report on GDP above 1.5300, stop at 1.5550.

     

    Any opinions, advice, news, research, analyses, prices or any other information presented on this webpage is provided as general market commentary and does not constitute investment advice. "Vector Securities" shall not be liable for any loss, including loss of profit, which may arise directly or indirectly from the use of this information. 


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