empty
 
 
11.06.2014 04:30 AM
Technical analysis of GBP/USD for June 11, 2014

The UK's economy was backed by the recent economic data. Yesterday the manufacturing production fueled the economy to change its gear to the prominent recovery mode. Yesterday's data showed manufacturing rose to 0.4% in April. This is a good sign for the second quarter. As we discussed earlier, traders are willing to buy the pound on a dip. But the pound pushed to the lower levels against the dollar.

This image is no longer relevant

The cable has been making lower highs from the last four weeks. Currently, the pair is holding 1.6690 support level, if it breaks below 1.666(21 weeks EMA), it will be the support level. The real problem for bulls will come when the cable breaks the 1.666 level as it can extend its fall up to 1.6465 levels. The short-term traders can short below 1.666 for 1.6465 targets in the short term.

This image is no longer relevant

In yesterday's session, the cable broke and closed below the 50day SMA. In today's session, the cable opened higher in a bearish mode. Until the pair breaches the 1.6757 levels, it is not recommended to buy. Currently, it is trading at 1.6749 levels. For the near term, selling on the rally is preferable until the cable breaches the 1.6845 levels. On the downside 1.666 is an open target, below 1.6620 is a new target.

For intraday, traders can buy above 1.6757 targets 1.6767 1.6773 , 1.6780 and 1.6826. Safe trades can buy above 1.6770. Sell with sl 1.6767 targets 1.6735, 1.6725 and 1.67 levels.

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $6000 más!
    ¡En Diciembre, sorteamos $6000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback