GBP/USD Remains Steady Amid Absence Of U.K Economic Data
Capitol Academy | Dec 11, 2014 03:46AM ET
The British pound remained steady against the US Dollar after British data showing an expansion of deficit in the trade balance during the month of October, which rose to 9.62 billion pounds, compared with expectations that indicated a reduce of the deficit to 9.5 billion pounds.
The GBP/USD is expected to remain moving within a limited range trading until the end of this week, amid the absence of important British economic data.
The GBP/USD rose significantly hitting the expected targets, confirmed by the formation of the 2B Bottom, this pattern reflects further rally of the pair toward the main target of $1.5950. Accordingly we recommend our Dear traders to enter buy positions and enter take profit orders at $1.5950, then a stop loss order at $1.5589.
Concerning the short term trading, the main targets will be around $1.5723, then $1.5765.
For the long term trading during the first weeks of the new year 2015, we expect a sharp decline of the Cable toward the Fibonacci level 76.4 % means below $1.55, then to $1.5390.
So any rally o the prices toward the $1.59-1.60 area will represent good opportunity to enter sell positions.
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