GBP/USD: Nearest Resistance At 1.5643 And 1.5625
LiteForex Europe | Jul 07, 2015 08:06AM ET
Yesterday the pair GBP/USD was trading within a wide range and amid the news release the price rose from 1.5550 to 1.5625. However, during the rest of the day the pair movement was a result of the correction, and in the morning on July 7 the pair is at 1.5590.
The block of releases at 5 p.m. (GMT + 3) should significantly influence the movement of the pair, as it was yesterday. Today, the National Institute of Economic and Social Research publishes its report. NIESR GDP Estimate is a reliable source of information and, before the official GDP statistics is released, it may influence the UK monetary policy.
On the four-hour chart Bollinger Bands MAs are narrowing down, and the price chart is near the middle line. It indicates a further new trend development but, unfortunately, neither the MAs nor the economic forecast for today may help to predict the direction of this trend.
At the moment, the nearest resistance levels are 1.5643 (the upper Bollinger MA) and 1.5625 (local maximum). Support level is 1.5551 (the lower Bollinger MA).
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.