GBPUSD analysis and forecast

GBP / USD: analysis and forecast


During yesterday’s trading the GBP / USD pair returned
previous lows after significant growth in the medium. The pair was
due to the weakening of the US dollar. Investors disappointed with the results of the meeting
The Fed, which had become clear terms of higher interest rates. but
Fed Chairman announced that the strengthening of the national currency had a negative impact on
US exports and led to a slowdown of inflation, so tightening
Monetary policy will be conducted at a slower pace. Nevertheless, many
investors believe that rates will be raised even after the estimated timing,
but it has to happen before the end of this year.

Market confidence reinforced block
statistics from the USA Department of Employment (U.S. Department of Labor).
According to the report, the number of unemployment benefit on the applications was 291 per
thousand, lower than the forecast of 297,000. As a result, the pound dropped to a mark of 1.4688,
then consolidated near the 1.4750 mark.

Support and Resistance

Levels of resistance: 1.4800 (Fibonacci correction level 23.6%), 1.4865 (level
38.2% Fibonacci correction), 1.4925 (50% Fibonacci correction level) 1.5010
(Maximum of yesterday).

Support levels: 1.4743 (Asian session low), 1.4688 (minimum
yesterday), 1.4629 (March 18 low), 1.4534 (lower line “Bands indicator
Bollinger “).

trading recommendations

open short positions at current price with the targets 1.4690 and 1.4630. Buy
it will be possible as soon as the price breaks through the level of 1.4800. The objectives of long positions
will be the levels 1.4865 and 1.4925.

GBPUSD analysis and forecast

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