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The GBP/USD got the support at 1.6580

01 September 2014, EUR/USD

Euro

The GBP/USD got the support at 1.6580

The euro/dollar continues to consolidate. The analysts expect the Eurozone consumer inflation index decline to 0.3% against 0.4% a month earlier. If the experts' forecasts come true, the European currency will be again under pressure.

The week will be full of the significant news, because after the European regulator meeting, the next day, there will be the American labor market data release which, as a rule, set the momentum going for the currency market assets.

The euro/dollar has been unable to rise above the level of 1.3220. This triggered the "bears" activation, whereby the pair was fallen below the support level of 1.3160.

The support levels are 1.3080- 1.3100, and the resistance levels are 1.3160 - 1.3180.

MACD is in a negative territory.

Trading recommendations

The pressure on the pair remains and with it the decrease risks in the 31st figure direction. The risk remains that the euro will return to the resistance level of 1.3220.

Pound

The GBP/USD got the support at 1.6580

The pound rose against the dollar, while maintaining the UK house prices positive data. The UK house prices inflation rose by 0.8%. Meanwhile, the United States economic recovery is preserved.

The GBP/USD continues to consolidate after falling to 1.6570. The pair doesn’t leave the attempts to break above the resistance level of 1.6640-1.6660. These efforts have been so far unsuccessful, but the "bulls" perseverance can still lead to the resistance breakthrough.

The support levels are 1.6550 - 1.6570, and the resistance levels are 1.6640 - 1.6660.

MACD is in a neutral territory.

Trading recommendations

While the British pound is trading below 1.6640, the renewed decreasing risks will be saved, and this level breakthrough will weaken the downward pressure. The inability to rise and to consolidate above the level of 1.6640 will lead to the new sales wave.

Yen

The GBP/USD got the support at 1.6580

The bears prevail which ultimately led to another price decrease - by 0.14% to reach 103.70. The main reason is the profit-taking by the investors after the long and rapid pair growth observed in recent years.

The dollar/yen decreased and tested the level of 103.80. After the strong United States GDP data release it returned to the resistance level of 104.10, but could not overcome it. The weak Japan macroeconomic statistics did not contribute to the level breakthrough.

The support levels are 1.6550 - 1.6570, and the resistance levels are 1.6640 - 1.6660.

MACD is in a neutral territory.

Trading recommendations

While the dollar is trading below of 104.10-104.30, the downside risks in the 103rd figure direction will be preserved. The resistance breaking will lead to the growth to 104.70-104.90.

Ruban Sergey
Analyst of «FreshForex» company
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