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    GBP/USD: downtrend persists on 03.02.2016

    After the decline, which started in mid December at the level of 1.5230, the pair GBP/USD has corrected above 1.4370 (Fibonacci 23.6%). Due to positive data on PMI in the British service sector for January, today, the pair GBP/USD broke down resistance level of 1.4440 (upper limit of the downward channel and ЕМА144 on the four-hour chart).
    On the four-hour and daily charts the indicators OsMA and Stochastic show the rise in the pair. However, tomorrow’s decision of the Bank of England and comments by Mark Carney can change the situation.
    We should not forget about important data on Non-Farm PayRolls, which will be released on Friday. Fundamental data gives ground for the decline in the pair; however, the news of this week can determine movement direction in the pair GBP/USD until the end of the month.
    Breakdown of resistance level of 1.4530 (Fibonacci 38.2%) will enable the rise in the pair to 1.4660 (Fibonacci 50% and ЕМА50 on the daily chart).
    Consolidation below support level of 1.4370 (Fibonacci 23.6%) can trigger the decline to 1.4210 and 1.4100 (lows of the year).

    Support levels: 1.4370, 1.4210, 1.4100, 1.4000.
    Resistance levels: 1.4530, 1.4600 and 1.4660.

    Trading tips
    Sell Stop: 1.4390. Stop-Loss: 1.4430. Take-Profit: 1.4310, 1.4210, 1.4100 and 1.4000.
    Buy Stop: 1.4510. Stop-Loss: 1.4470. Take-Profit: 1.4530, 1.4600 and 1.4660.

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