Current trend
The pair continues falling amid weakening in the GBP. The Pound was pressured by poor data on the GDP for the first quarter of the year in the UK. On a year-to-year basis, the index came out at 2.0%, which was 0.1% worse than forecasts. In addition, the Total Business Investment in the country in the previous quarter declined by 0.5%.
Today attention needs to be paid to data from the US, where the first quarter of the year GDP is due. Experts predict growth in the index to 0.9%.
Support and resistance
The pair continues trading in the ascending channel. In case of a price consolidation below the level of 1.4610, the fall is likely to continue towards the lower border of the channel.
Support levels: 1.4610, 1.4540, 1.4485.
Resistance levels: 1.4680, 1.4740, 1.4780.
Trading tips
Short positions can be opened after the price consolidation below the level of 1.4610 with targets at 1.4540, 1.4490 and stop-loss at 1.4640.
Long positions can be opened above the level of 1.4680 with the target at 1.4740 and stop-loss at 1.4650.
The pair continues falling amid weakening in the GBP. The Pound was pressured by poor data on the GDP for the first quarter of the year in the UK. On a year-to-year basis, the index came out at 2.0%, which was 0.1% worse than forecasts. In addition, the Total Business Investment in the country in the previous quarter declined by 0.5%.
Today attention needs to be paid to data from the US, where the first quarter of the year GDP is due. Experts predict growth in the index to 0.9%.
Support and resistance
The pair continues trading in the ascending channel. In case of a price consolidation below the level of 1.4610, the fall is likely to continue towards the lower border of the channel.
Support levels: 1.4610, 1.4540, 1.4485.
Resistance levels: 1.4680, 1.4740, 1.4780.
Trading tips
Short positions can be opened after the price consolidation below the level of 1.4610 with targets at 1.4540, 1.4490 and stop-loss at 1.4640.
Long positions can be opened above the level of 1.4680 with the target at 1.4740 and stop-loss at 1.4650.