empty
 
 
17.04.2015 04:32 AM
Technical analysis and trading recommendation for GBP/USD for April 17, 2015

The UK economic data was muted at yesterday's session, moved higher supported by weak US data. The cable approached the multi-resistance zone yet again. In the past six occasions, the cable was rejected between 1.4973 and 1.5010. At yesterday's session, the cable made a high at 1.4970. The UK unemployment rate and claimant count change are due for release today. We expect positive economic data from the UK. We expect core CPI to print on a positive bias. In the context of technical view, hourly support is found at 1.4880. Resistance is seen at 1.5010 and 1.5055. On the past three occasions, the 50Dsma rejected the price. Until the price close below 1.5055, use sudden spikes to sell. Safe buying will trigger above 1.5055 with targets at 1.5130 and 1.5160 the 61.8 fib level. At yesterday's session, the pair closed above 20Dsma 1.4835. We recommend selling below 1.4880 with targets at 1.4820, 1.4800, and 1.4750. Below 1.4800, selling pressure might double towards 1.4750 and 1.4700.

Support: 1.4880, 1.4800, 1.4740

Resistance: 1.5010, 1.5055, 1.5135

Trade: Selling below 1.4880, buying above 1.5055

This image is no longer relevant

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback