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GBP/USD may bounce down

17 April 2014, EUR/USD


GBP/USD may bounce down

In the euro/dollar the overall picture again did not change significantly. The pair dropped to 1.3790, where it was bought, and rose up to the resistance level 1.3833. If we do not take into an account the low market activity, the “bears”` inability to fix below the 38th figure is a positive factor for the “bulls”, which increases the growth probability.

The support levels: 1.3780 - 1.3800, and the resistance levels: 1.3870 -1.3890.

MACD is turned up, indicating the current uptrend.

Trading Recommendations

The opportunities to open the short positions should be considered. The confident breakdown of the 38th figure will open the way to the support level 1.3720.


GBP/USD may bounce down

The pound responded positively to the inflation data released by Statistics agency. According to British statistics, the consumer price inflation rose up in annual terms by 1.6 % against 1.7 % a year earlier.

The GBP/USD failed to break below the support level 1.6675.

The fundamental factor was ignored by buyers, which led to the prices return to the resistance level of 1.6755. Judging by the fact, that the market is not set to decrease in the near future, we should expect the continued upward trend.

The support levels: 1.6720 - 1.6740, and the resistance levels: 1.6800 - 1.6820.

MACD is pointing up, indicating the current upward price movement.

Trading Recommendations

The demand for the pound persists, and the chances to grow to the 68th are high. The fall down below 1.6700 would deprive the “bulls” of this chance.


GBP/USD may bounce down

The “bulls” are clearly not going to give up and persistently protect support at 101.22 level. The dollar was bought at 101.50 again, as a result the dollar could return to the 102nd figure, broke it and went up to 102.29. This growth gives the “bulls” hope for the uptrend, but as the pair trades below 102.70-103.00 this hope looks vaguely.

The support levels: 101.40 - 101.60, and the resistance levels: 102.23 - 102.43.

MACD is sent up, indicating the current uptrend.

Trading Recommendations

The rise above 103.00 will lift the bulls’ sentiment and will threaten the 104th figure.

Ruban Sergey
Analyst of «FreshForex» company
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