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Penetration resistance mentioned above will bring the price to previously breached ascending channel and then achieve positive goals begins at 1.5925 and extends to 1.6200, while a break of the support negative factor will push the pair to visit the 1.5188 level directly.
For the British pound it has seen markets yesterday issuance vote MPC on each of: program asset purchases in addition to interest rates, which came as it is without any change, as watching the markets today at 8:30 issuance of monthly reading of retail sales and is forecast to achieve high from 0.2% to 0.4%
The pair continued its upside attempts, but he still could not stabilize above 1.5650 where there is Fibonacci 38.2%. Break of this level is required to prove positive.
Stability below support line makes us cautious and that's why we chose the breach of 1.5650 to climb. However, trading above 1.5560 is considered positive.
GBPUSD: under pressure against the background of the growing US dollar
GBPUSD
July 24, 2015, 09:20
Sell on a level breakthrough of 1.5464 with 1.5407 target. Stop loss = 1.5514.
Reason for the trading strategy
A combination of weak data on retail sales in the UK and a strong macroeconomic statistics on the US played a trick on the British currency. Yesterday the GBP/USD pair dropped out of the range of 1,5536-1,5672. In the short term, there are risks of it weakening to reach the level of 1.5407.
GBPUSD, H4
https://www.exness.com/media/media/2015/07/24/3.png
GBP against the dollar traded passively noticeable yesterday to break the 1.5555 level and is approaching 1.5470, where price negatively affected by Stochastic which is gaining positive momentum and clear now, which may lead the trades to provide some upside bias in the coming sessions.
GBPUSD
Price: 1.5489 July 24 20:48
Movement: -22.7 Pips (-0.15%)
pivot
Support: 1.5392
Pivot: 1.5561
Resistance: 1.5730
Technical indicators
Short Term: 40% Sell
Mid Term: 25% Buy
Long Term: 67% Buy
Recommendation: Hold
In general, our neutral stance still stands even now as long as the price is limited to between confirm trend levels represented by support 1.5360 and resistance 1.5750, where price needs to break through one of these levels to determine the next destination, more precisely, with the reminder that the break mentioned support will push the pair to 1.5188 directly , while the penetration resistance will re-price the main upward path which targets start at 1.5925 and extend to 1.6200.
technical analysis summary:
resistance levels: 1.5619/1.5729/1.5789
support levels: 1.5450/1.5390/1.5281
momentum H1: sell
indicators: sell
moving averages: sell
intraday trend H4: strong sell
indicator: strong sell
moving averages: strong sell
short term trend daily: neutral
indicators: neutral
moving averages: sell
aap ny bht achi post sher ki hy likin mery dost main is amrkit main kaam ni kerta q ki is amrkit main aik dum sy bht taiz bhi a jati hy ur loss bhi ho sakta hy ur maera itna expernce ni hy main eur/usd main trading kerta hoon
Being pair of sterling against the dollar, a test of the support level 1.5470, accompanied by positive signals provided by Stochastic, which supports the strength of the current level, while still neutral to the price able to skip following a trend which is the support 1.5360 and resistance 1.5750 keys.