GBP/USD Support/Resistance: April 24, 2015
LiteForex Europe | Apr 24, 2015 07:00AM ET
Current trend
On Thursday, the pound rose against the dollar especially after the release of the data on new home sales in the USA for March. The index fell from 5.6% in February to -11.4%, which demonstrates instability in the American housing market.
Note, however, yesterday’s statistics on retail sales in the UK was also negative. Sales fell by 0.5% in March against the forecast of the rise by 0.4%. Therefore, retail sales rose only by 4.2% on annual basis, which is lower than the index of 5.4% for the previous month.
Investors were disappointed as they expected the increase in the American interest rates. So, the rise in the USD is slow. Today, the price can break down the level of 1.5080.
Support and resistance
The nearest resistance level is 1.5080 – highs of this week.
Support level is 1.4500 – important psychological level.
Trading tips
It makes sense to open long positions above the level of 1.5080 with the target of 1.5200 and stop-loss of 1.4990.
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