GBP/USD: decline in the US GDP may weaken the USD GBP/USD: decline in the US GDP may weaken the USD Current trend On Tuesday the pair GBP/USD fell amid strengthening of the USD. The American currency was supported by favourable data on industrial production and capacity utilization. Important British news, which could have supported the Pound, is not scheduled for the release today. Attention shall be paid to the data on key interest rate and GDP in the USA. In addition, investors will be interested in the outcome of the meeting of FOMC and the destiny of American of quantitative easing program. Support and resistance Decline in GDP in Q3 was caused by political wars in the USA, which can have negative impact on the USD rate and provide support to the pair GBP/USD. It is expected that the pair will go up to the first resistance level of 1.6100, and after that will resume downtrend. Support levels: 1.6000, 1.5920, 1.5880 and 1.5750. Resistance levels: 1.6100, 1.6200 and, 1.6260. Trading tips In the current situation it is recommended to place sell orders at the level of 1.6100 with take profit at the level of 1.5920. Dmitry Likhachev Analyst of LiteForex Group of Companies from Everyone’s Blog Posts – My Forex Space – Online Forex Trading Community ift.tt/1f3nqev via IFTTT from Blogger ift.tt/1f3nqex via IFTTT from Tumblr ift.tt/16LcSuV via IFTTT ift.tt/16laEp6
Posted on: Wed, 30 Oct 2013 10:32:57 +0000