LiteForex_Official

GBP/USD: day of corrections

FX:GBPUSD   Pound British/Dolar U.S
28 0 4
Current trend

Following a strong growth in the USD on Friday, a correction in the USD pairs has started today. Today is the last day of the month, thus, market participants may take profits on part of USD long positions.

High volatility is expected during the week amid publication of important macroeconomic indicators, both in the US and the UK.

In general, the GBP/USD             pair will remain under pressure until BoE and Fed meetings, due on 10 December and 15-16 December, respectively. While, the Fed is likely to raise its interest rates at the upcoming meeting, a hike in UK interest rates is postponed amid almost zero inflation and GDP growth.

Support and resistance

The GBP/USD             pair is declining in a channel on the daily chart with the lower border below the level of 1.5000, after the breakdown of which the price may fall to its year lows at 1.4600.
On the daily, weekly and monthly charts, OsMA and Stochastic recommend short positions. On the 4-hour chart, the indicators are turning to long positions that suggests possibility of an upward correction towards 1.5110, 1.5190 and 1.5230 (EMA50 and 23.6% Fibonacci).

Support levels: 1.5000, 1.4900.
Resistance levels: 1.5110, 1.5190, 1.5230, 1.5280, 1.5400.

Trading tips

Short positions can be opened from the level of 1.5010 with targets at 1.4980, 1.4910 and stop-loss at 1.5040.
Long positions can be opened from the level of 1.5050 with targets at 1.5090, 1.5110, 1.5165, 1.5190, 1.5230 and stop-loss at 1.5010.
More analytic from LiteForex:
English https://www.liteforex.com/blog/?uid=880952068&cid=12118
Malay https://www.liteforex.my/trading/forex-analysis/?uid=880952068&cid=12118
You can choose any language on our site
MS Bahasa Melayu
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Laman Utama Pengimbas Saham Pengimbas Forex Pengimbas Crypto Kalendar Ekonomi Bagaimana ia berfungsi Ciri-ciri Carta Peraturan Rumah Moderator Laman web dan Penyelesaian Broker Widget Perpustakaan Carta Stok Permintaan Ciri Blog & Berita Soalan Lazim Bantuan & Wiki Twitter
Profil Pengesetan Profil Akaun dan Bil Tiket Sokongan Saya Hubungi Sokongan Idea-idea yang diterbitkan Pengikut Mengikuti Mesej Peribadi Perbualan Log Keluar