GBP/USD Slows On Weak UK Data
LiteForex Europe | May 26, 2016 09:19AM ET
Today pair’s growth slowed amid the publication of weak statistics in the UK, where the GDP growth in the first quarter of the year amounted to 2.0% while economists predicted a 2.1% growth. In addition, the Total Business Investment shrank by 0.4% that was also worse than forecasts.
Today attention needs to be paid to data on Durable Goods Orders in the US. According to forecasts, the index will grow by 0.4% that might support the US dollar.
On the 4-hour chart, the pair is trading in the upper Bollinger band. MACD histogram is in the positive zone and its volumes are growing. Stochastic is falling as it has left the overbought zone.
Support levels: 1.4680, 1.4650, 1.4620, 1.4575, 1.4530, 1.4470, 1.4425, 1.4380, 1.4340, 1.4300.
Resistance levels: 1.4740, 1.4770.
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