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GBP/USD Bounces Off Support At 1.52

Over the last 24 hours the GBP/USD has fallen lower again down below 1.52 and to levels not seen since early April. It appears to be consolidating a little around the support level at 1.52, which has temporarily halted the slide of the last week. The pound has now experienced a strong fall over the last week or so. Prior to the last week, the pound has enjoyed a strong couple of weeks and move to new highs above 1.56. It experienced all sorts of bother at 1.56 as it made several pushes to this significant level however it was turned away with excessive supply. For about a week it ran into a wall of resistance right around the 1.56 level which is very evident in the 4 hourly chart below. This showed how much buying pressure there was on the 1.56 level but equally how well that level provided resistance to any movement higher. The pound had enjoyed a very solid couple of weeks moving from the support level at 1.52 to reach new highs at 1.56, a new ten week high.Only a few weeks ago, it found solid support at 1.52 for about a week which greatly assisted the recent surge higher, and now this level is being called upon again to offer some support and a soft landing. In the last 24 hours at least, we have seen evidence of that as the decline has been halted. The last week has seen the pound fall strongly and return almost all of its gains from the last few weeks. About a month ago the 1.54 level provided a little piece of resistance and this level has since been broken as it offered limited support. Now that the pound has drifted back down below 1.54, it may provide some resistance again. During its push to 1.56, the pound was able to find some support at 1.55, although this level has also been broken last week. Over the last month or so, the GBP/USD has been experiencing a variety of different levels which have played a role on the price action.Towards the end of March the GBP/USD was trading within a range roughly between 1.51 and 1.5250 and now on a couple of occasions it has been able to move outside that range and push higher. A few weeks ago, the 1.5350 level was one of significance as it offered resistance before the GBP/USD was able to move higher through to 1.56. In early March the pound moved to new lows around 1.4830 from a starting point near 1.64 at the beginning of the year. With the surge higher over the last couple of months, the GBP/USD had completely turned around its fortunes from earlier in the year, however it is starting to ease off and return most of the good work.Bank of England Governor Mervyn King offered some rare good news for Britain’s economy on Wednesday when he presented his final set of economic forecasts before stepping down after more than 20 years at the bank. For the first time in years, the central bank predicted that growth would be faster and inflation lower than it expected three months earlier, though King still warned the recovery could not be taken for granted. “Today’s projections are for growth to be a little stronger and inflation a little weaker than we expected three months ago. That’s the first time I’ve been able to say that since before the financial crisis,” King told reporters. “But this is no time to be complacent. We must press on to ensure a recovery and to bring down unemployment.” Sterling rose against the dollar after the forecasts. British government bond prices extended their losses.

Daily Chart & 4 Hourly Chart

GBP/USD May 16 at 02:00 GMT 1.5241 H: 1.5272 L: 1.5173

GBP/USD Technical” title=”GBP/USD Technical” width=”598″ height=”78″ />During the early hours of the Asian trading session on Thursday, the GBP/USD is rallying a little higher moving up away from 1.52, after having recently fallen strongly down to a three week low at 1.52 in the last few hours. Throughout the first part of this year, the pound fell very strongly from the key resistance level at 1.63 level down to levels not seen in two and a half years and has done well the last month to rally well and move back up above 1.56. Current range: Right around 1.5240.Further levels in both directions:• Below: 1.5200 and 1.5100.• Above: 1.5600.

Position Ratios

(Shows the ratio of long vs. short positions held for the GBP/USD among all OANDA clients. The left percentage (blue) shows long positions; the right percentage (orange) shows short positions.)The GBP/USD long positions ratio has moved back up above 50% after the GBP/USD has fallen down to the three week low near 1.52. Trader sentiment has shifted to in favour of long positions.Economic Releases

  • 04:30 JP Capacity Utilisation (Mar)
  • 04:30 JP Industrial Production (Final) (Mar)
  • 09:00 EU HICP (Final) (Apr)
  • 09:00 EU Trade Balance (Mar)
  • 12:30 US Building Permits (Apr)
  • 12:30 US CPI (Apr)
  • 12:30 US Housing Starts (Apr)
  • 12:30 US Initial Claims (10/05/2013)
  • 14:00 US Philadelphia Fed Survey (May)
  • EU ECB Governing Council Meeting hold non-rate setting meeting

Cable Climbs Up

The GBP/USD continues to recover from the bearish trend that ruled the chart since the beginning of the year. Buyers managed to reach the 50% Fibonacci level, and are still able to keep the price high which can be very promising for bulls. The scenario for cable is still bullish, even if they won’t be able to break 50% Fibonacci soon. The positive sentiment will be present as long as the price stays above the red line that supports bulls. In the mid-term, the closest support will be another Fibonacci level, 38.2.

GBP/USD” title=”GBP/USD” width=”621″ height=”277″ />The new week starts neutrally and the possibility that buyers will try to attack the Fibonacci 50 resistance for the third time is quite high. This bullish scenario will be on as long as the price holds above the short-term trend line (black line). Breaking it can be a technical reason for a minor downswing aiming for the 38.2 Fibonacci level.

GBP/USD Slips Further, Going Under 1.52

GBP/USD Open 1.5166 High 1.5281 Low 1.5156 Close 1.5165On Friday Pound/Dollar decreased with 125 pips. The Cable depreciated from 1.5281 to 1.5156 on Friday, in line with the negative money flow sentiment at almost -28%, closing the week at 1.5165. Today the British Pound is trading quietly, with movements at the lower half of Friday’s range for the time being.On the 1 hour chart new downward channel is forming, while on the 3 hour chart the new upward channel has turned into range trading. First resistance is Friday’s peak at 1.5281. Break above it should extend the bullish movement further towards 1.5405. The nearest support level is Friday’s bottom at 1.5156. Going below it should extend British Pound’s reduction further down towards next downward objective 1.5033.There are no major economic events for UK today.Quotes are moving just below the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm, MACD is negative and tranquil too, while CCI has crossed up the 100 line on the 1 hour chart, giving over all neutral to light short signals.Technical resistance levels: 1.5281 1.5405 1.5540Technical support levels: 1.5156 1.5033 1.4900Already made +7 pips profit/loss on GBP/USD today from the following sent to clients only signal:5:15 GMT+1 Sell GBP/USD at 1.5193 SL 1.5219 TP 1.5133, exit sent at 5:16 GMT+1.Today so far +40, on Friday +156, as shown at our web site.

GBP/USD Chart” title=”GBP/USD Chart” />

GBP/USD: Claws Back To Above 1.53

The GBP/USD continues its slide from the last week, touching below 1.53 before rallying recently to move back above 1.53. Prior to the last week, the pound has enjoyed a strong couple of weeks and move to new highs above 1.56. It experienced all sorts of bother at 1.56 as it made several pushes to this significant level however it was turned away with excessive supply. For about a week it ran into a wall of resistance right around the 1.56 level which is very evident in the 4 hourly chart below. This showed how much buying pressure there was on the 1.56 level but equally how well that level provided resistance to any movement higher. The pound had enjoyed a very solid couple of weeks moving from the support level at 1.52 to reach new highs at 1.56, a new ten week high.It was only a few weeks ago, it found solid support at 1.52 for about a week which greatly assisted the recent surge higher. It had previously run into a wall of supply at 1.53 which had created resistance however it well and truly pushed through this level strongly followed by moving strongly through 1.54 within the following day. The last week however has seen the pound fall strongly and return most of its gains from the last few weeks. About a month ago the 1.54 level provided a little piece of resistance and this level has since been broken as it offered limited support. Now that the pound has drifted back down below 1.54, it may provide some resistance again. During its push to 1.56, the pound was able to find some support at 1.55, although this level has been broken last week. Over the last month or so, the GBP/USD has been experiencing a variety of different levels which have played a role on the price action.Towards the end of March the GBP/USD was trading within a range roughly between 1.51 and 1.5250 and now on a couple of occasions it has been able to move outside that range and push higher. A few weeks ago, the 1.5350 level was one of significance as it offered resistance before the GBP/USD was able to move higher through to 1.56. In early March the pound moved to new lows around 1.4830 from a starting point near 1.64 at the beginning of the year. With the surge higher over the last couple of months, the GBP/USD has completely turned around its fortunes from earlier in the year. After the doom and gloom of the first couple of months of the year, the recent movement higher has seen the pound stop the rot and regain almost half of the year’s losses.In the US, retail sales numbers were not very exciting. Core Retail Sales posted a second straight decline, as it fell by 0.1%, matching the forecast. Retail Sales fared slightly better, jumping from -0.4% to 0.1%. This beat the estimate of -0.3%. After a bad streak in April, we are seeing better numbers out of the US, notably employment figures. This has raised speculation that the Fed might adjust or even terminate its QE program, in which it buys $85 billion in assets every month. Terminating the QE program is dollar positive, and the US dollar was broadly stronger against all the major currencies on Friday. The markets will be looking for any clues as to the Fed ending QE, which would likely push the dollar higher.

Daily Chart & 4 Hourly Chart

GBP/USD May 14 at 01:50 GMT 1.5325 H: 1.5384 L: 1.5277

GBPUSD Technical

During the early hours of the Asian trading session on Tuesday, the GBP/USD is rallying a little higher moving back up above 1.53, after having recently fallen strongly down through 1.54 and to a two week low below 1.53 at the end of last week. Throughout the first part of this year, the Cable fell very strongly from the key resistance level at 1.63 level down to levels not seen in two and a half years and has done well the last month to rally well and move back up above 1.56. Current range: Right around 1.5350.Further levels in both directions:• Below: 1.5300, 1.5200 and 1.5100.• Above: 1.5600.

Position Ratios

(Shows the ratio of long vs. short positions held for the GBP/USD among all OANDA clients. The left percentage (blue) shows long positions; the right percentage (orange) shows short positions.)The GBP/USD long positions ratio has moved back up above 50% after the GBP/USD has fallen down to the two week low near 1.53. Trader sentiment has shifted to in favour of long positions.Economic Releases

  • 09:00 EU Industrial production (Mar)
  • 09:00 EU ZEW (Economic Sentiment) (May)
  • 09:30 AU Treasurer Swan announces Federal Budget for 2013/14 Financial Year
  • 12:30 US Import Price Index (Apr)

GBP/USD Breaks Below 1.5469 Support

The GBP/USD broke below the 1.5469 support, suggesting that consolidation of the uptrend from 1.4831 (March 12 low) is underway. A deeper decline is possible; the target would be at the upward trend line from 1.4831 to 1.5034. Key resistance is at 1.5605. Only a break above this level could trigger another rise to 1.5800 zone.

gbpusd

GBP/USD Breaks Down 1.53 And Consolidates Just Over It

GBP/USD Open 1.5297 High 1.5386 Low 1.5276 Close 1.5294On Monday, the GBP/USD continued decreasing with 110 pips. The Cable depreciated from 1.5386 to 1.5276 yesterday, in line with the negative money flow sentiment at under -26%, closing the day at 1.5294. The British Pound is trading quietly today, with movements at the lower half of yesterday’s range for the time being.The upward channel has turned into trading range on the 1 hour chart, while a new upward channel is emerging on the 3 hour chart. First resistance is yesterday’s peak at 1.5386. Breaking above it should extend the bullish movement further towards 1.5510. The nearest support level is yesterday’s bottom at 1.5276. Going below it should extend British Pound’s reduction further down towards the next downward objective of 1.5155.There are no major economic events for the U.K. today.Quotes are moving just below the 20 and 50 EMA on the 1 hour chart, indicating slim bearish pressure. The value of the RSI indicator is negative and calm. MACD is negative and tranquil too, while the CCI has crossed up the 100 line on the 1 hour chart, giving overall neutral to light short signals.Technical resistance levels: 1.5386 1.5510 1.5643Technical support levels: 1.5276 1.5155 1.5020Already made +9 pips profit/loss on GBP/USD today from the following sent to clients only signal:5:15 GMT+1 Buy GBP/USD at 1.5318 SL 1.5292 TP 1.5378, exit sent at 6:49 GMT+1.Today so far +80, yesterday +108, as shown at our web site.

GBP/USD Chart” title=”GBP/USD Chart” />

GBP/USD: Pound Continues Slide As US Retail Sales Edges Up

After losing over two cents last week, GBP/USD continues to point downwards as we start the new week. The pair is testing the 1.53 line in Monday’s North American session. In economic releases, RICS House Price Balance is the only British release on Monday. The markets are expecting the housing indicator to climb 2%. If the estimate proves correct, this would be the first gain by the index in over three years. In the US, retail sales numbers were not very exciting. Core Retail Sales posted a second straight decline, as it fell by 0.1%, matching the forecast. Retail Sales fared slightly better, jumping from -0.4% to 0.1%. This beat the estimate of -0.3%After a bad streak in April, we are seeing better numbers out of the US, notably employment figures. This has raised speculation that the Fed might adjust or even terminate its QE program, in which it buys $85 billion in assets every month. Terminating the QE program is dollar positive, and the US dollar was broadly stronger against all the major currencies on Friday. The markets will be looking for any clues as to the Fed ending QE, which would likely push the dollar higher. The US dollar has also posted sharp gains against the euro, as the continental currency has lost close to two cents against the dollar since Thursday. Remarks by ECB member Ignazio Visco that the ECB is considering negative deposit rates hurt the euro, as this would lead to the flow of funds out of the Eurozone. The ECB would be the first major central bank to adopt negative deposit rates. Supporters of the idea argue that it would boost lending to businesses and help increase economic activity in the struggling Eurozone.

GBP_USD

GBP/USD Technical” title=”GBP/USD Technical” width=”400″ height=”72″ />GBP/USD has edged lower on Monday, and is struggling to stay above the 1.53 line. The pair faces resistance at 1.5432. This line has strengthened as the pair trades at lower levels. There is a followed by resistance at 1.5524. On the downside, the pair is putting pressure on 1.5309. We could see this line break if the pound continues to lose ground. This is followed by a support level at 1.5203, which is protecting the 1.52 level.

  • Current range: 1.5309 to 1.5432

Further levels in both directions:

  • Below: 1.5309, 1.5203, 1.5111 and 1.5047
  • Above: 1.5432, 1.5524, 1.5630 and 1.5695

OANDA’s Open Positions RatioGBP/USD ratio is pointing to strong movement towards long positions. This is not reflected in the current movement of the pair, as the pound has resumed its losing ways against the US dollar in Monday trading. However, this could be an early indication that the US rally will soon end and the pound will stop its slide and move upwards.The pound has taken a tumble, losing over two cents since Thursday. With no major releases out of the US or UK on Tuesday, we could see the pound settle down and stay close to the 1.53 line. GBP/USD Fundamentals

  • 12:30 US Core Retail Sales. Estimate -0.1%. Actual -0.1%
  • 12:30 US Retail Sales. Estimate -0.3%. Actual 0.1%
  • 14:00 US Business Inventories. Estimate 0.3%. Actual 0.0%
  • 23:01 British RICS House Price Balance. Estimate 0.0%

GBP/USD Stalls Below Major 50% Resistance

GBP/USD (daily chart) has stalled just below key resistance around both the 1.5600 level and the 50% Fibonacci retracement of the steep plunge from the beginning of the year to mid-March. This confluence of resistance has been a strong barrier over the past week to the pair’s further advance after its sharp rise in late April. From a trend perspective, price is currently entrenched within a clear uptrend from the 1.4830 mid-March low, which represents a bullish correction of the noted downtrend from the beginning of the year to mid-March.Major downside support within this bullish correction currently resides around the key 1.5400 level. If price is able to muster the strength to break out above the resistance imposed by the 1.5600 level and the noted 50% retracement level, the next major price objectives to the upside reside around 1.5750 and then 1.5825.

GBP/USD Daily Chart” title=”GBP/USD Daily Chart” width=”530″ height=”270″ />Disclosure: FX Solutions assumes no responsibility for errors, inaccuracies or omissions in these materials. FX Solutions does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. FX Solutions shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation losses, lost revenues, or lost profits that may result from these materials.The products offered by FX Solutions are leveraged products which carry a high level of risk to your capital with the possibility of losing more than your initial investment and may not be suitable for all investors. Ensure you fully understand the risks involved and seek independent advice if necessary.

GBP/USD: Looking Stronger

Cable is looking stronger from all time frame charts. We have turned bullish across the board, although I have to say the 60 min charts are running out of steam a little. We do need to break this 1.5116/17 short term, 38.2 Fib level to give a little bit more momentum to the market. This would encourage buyers to come back into the market and for this to then rise to 1.5145. We are going to see a bit of profit taking at these higher levels as we would be approaching the 50% fib at 1.5148.Now if we can blast out above here we see 1.5175/80 as the next objective. Cover all longs to here. By the time we reach this resistance we should be looking a little overbought on the hourly charts so we need to stand back and wait till the market unwinds this position. If we can come back to 1.5145 to unwind the position, that’s good…we can go back in at that point.Now if we fail to take on 1.5117 and lose ground we see 1.5075/65 as a viable downside target. We will find buyers coming in at these lower levels. They will hold unless the market breaks 1.5065 then we will see further weakness down to 1.5035 possibly 1.5015 before we go higher.

GBP/USD” title=”GBP/USD” width=”730″ height=”438″ />

GBP/USD Moves To Four Week High At 1.54

After a really solid last week or so, the GBP/USD has continued its form and moved through to a new four week high just above 1.54. Only a few days ago it experienced its strongest 24 hour period in a while as it surged up through 1.53 to within reach of 1.54 and a new three week high at the time. At the end of last week the pound did well to surge higher and move back through the 1.52 before easing off slightly. In doing so, it moved through 1.5150 which it had previously experienced some difficulty with over the last week or so. Over the last couple of weeks it has also received solid support from 1.50 which has given it the opportunity to rally higher and move back above 1.52 again. During last week however, it did move to a lower level and therefore reached a new two month low close to 1.50 before the strong surge higher over the last week. For a few days a couple of weeks ago it found some support around 1.5160 however this level was clearly broken as it fell down towards 1.50. Then throughout last week the area around the 1.5160 level was providing some resistance as the pound continued to try and rally higher. There might be some signs now that it is recovering from its horrible May which saw it drop from 1.56 down to the two month low near 1.50. Moving through to 1.54 sees the pound having regained more than half of the previous losses. Prior to the last month, the pound enjoyed a strong couple of weeks and move to new highs above 1.56. It experienced all sorts of bother at 1.56 as it made several pushes to this significant level however it was turned away with excessive supply. For about a week it ran into a wall of resistance right around the 1.56 level, as you can see in the middle of the daily chart below. The pound had enjoyed a very solid couple of weeks moving from the support level at 1.52 to reach new highs at 1.56, a new ten week high. Back around mid April the pound experienced solid support at 1.52 for about a week which greatly assisted the recent surge higher, and recently this level was called upon again to offer some support and a soft landing, however the pound fell strongly through it on its way down to near 1.50. A couple of weeks ago, we saw some evidence that the decline had been slowed down as it traded around 1.52 for about a week whilst receiving solid support from around 1.5160. Throughout the month of May saw the pound fall strongly and return almost all of its gains from the few weeks before that. About a month ago the 1.54 level provided a little piece of resistance and this level has since been broken as it offered limited support. In early March the pound moved to new lows around 1.4830 from a starting point near 1.64 at the beginning of the year. With the surge higher throughout March and April, the GBP/USD had completely turned around its fortunes from earlier in the year, however May saw ease off and return most of the good work. GBP/USD has taken advantage of solid British numbers, climbing close to two cents this week. It was a clean sweep for British PMIs this week, as Services PMI looked sharp on Wednesday. The PMI has been above the 50-point level throughout 2013, marking ongoing expansion in the services sector. The index has been moving upwards, and continued the trend in May, climbing from 52.9 to 54.9 points. This easily beat the estimate of 53.1 points. Earlier in the week, the Manufacturing and Construction PMIs for May showed improvement as both indexes climbed above the 50 line. The solid PMI releases have raised hopes that the underperforming British economy is finally headed in the right direction.

Daily Chart 4 Hourly Chart

GBP/USD June 6 at 01:45 GMT 1.5386 H: 1.5413 L: 1.5306

GBPUSD Technical

During the early hours of the Asian trading session on Thursday, the GBP/USD is just easing away from the 1.54 level which had rested on for the last few hours, after having recently moved higher and moved through the 1.54 level. Throughout the first part of this year, the pound fell very strongly from the key resistance level at 1.63 level down to levels not seen in two and a half years and has done well the last month to rally well and move back up above 1.56. Current range: Just below 1.54.Further levels in both directions:• Below: 1.5200 and 1.5000.• Above: 1.5400 and 1.5600.

Position Ratios

(Shows the ratio of long vs. short positions held for the GBP/USD among all OANDA clients. The left percentage (blue) shows long positions; the right percentage (orange) shows short positions.)The GBP/USD long positions ratio has just slipped below 50% as the GBP/USD continues to move higher. Trader sentiment remains in favour of long positions.Economic Releases

  • 01:30 AU Trade Balance (Apr)
  • 11:00 UK BoE MPC – APF Total (Jun)
  • 11:00 UK BoE MPC – Base Rate (Jun)
  • 11:45 EU ECB – Interest Rate (Jun)
  • 12:30 US Initial Claims (01/06/2013)
  • 14:00 CA Ivey PMI (May)