GBP/USD

On Friday, the GBP/USD pair fell under the pressure of the situation with Brexit

Current trend, On Friday, the GBP/USD pair fell under the pressure of the situation with Brexit, and then strengthened after the publication of mixed macroeconomic data from the United States.

Prime Minister Theresa May visited Brussels and the EU summit, where she unsuccessfully tried to get new concessions in a deal with the European Union. It was also noted that the European Union is ready to begin negotiations on trade with the United Kingdom as soon as it leaves its structure in March of next year. Thus, the chances for a tough Brexit for the UK continue to rise.

Published on Friday, statistics from the United States was mixed. The business activity index in the services sector fell to 53.4 points in December from 54.7 points a month earlier. The volume of industrial production in monthly terms rose to 0.6% in November from -0.2% a month earlier, and in annual terms dropped to 3.9% in the same period from 4.1% last month. The volume of retail sales was better than forecasts at the level of 0.1% and amounted to 0.2% in November against 1.1% last month.

Today, traders should pay attention to the publication of the index of business activity in the manufacturing sector of the New York Federal Reserve Bank (15.30 GMT+2), according to the preliminary forecast, a decline is expected in December, which may affect the dollar. Moderate volatility expected in the market

Support and resistance

On the 4-hour chart, the tool was corrected to the middle line of the Bollinger Bands, the downtrend is still strong. The MACD histogram is in the negative zone and keeps a sell signal.

Support levels: 1.2562, 1.2528, 1.2507, 1.2476.

Resistance levels: 1.2611, 1.2637, 1.2658, 1.2685.

5e23c69d1f53e5ffb92a87e6cbb171ef.png

Trading tips

Short positions can be opened at 1.2560 with a target at 1.2507 and a stop loss at 1.2590.

Long positions will become relevant at 1.2611 with a target at 1.2685 and a stop loss at 1.2580.

Duration: 1-3 days.

 

Scenario

Timeframe Intraday
Recommendation SELL STOP
Entry Point 1.2560
Take Profit 1.2507
Stop Loss 1.2590
Key Levels 1.2476, 1.2507, 1.2528, 1.2562, 1.2611, 1.2637, 1.2658, 1.2685

 

Alternative scenario

 

Recommendation BUY STOP
Entry Point 1.2611
Take Profit 1.2685
Stop Loss 1.2580
Key Levels 1.2476, 1.2507, 1.2528, 1.2562, 1.2611, 1.2637, 1.2658, 1.2685

Add comment

Security code
Refresh

Subscription

Forex Forecast

© 2014-2018 ForexCrypto.top, Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange, or any kind of trading you should carefully consider your investment objectives, level of experience, and risk appetite. No information or opinion contained on this site should be taken as a solicitation or offer to buy or sell any currency, equity or other financial instruments or services. Past performance is no indication or guarantee of future performance. ForexCrypto.top is an affiliate partner with various brokers and may be compensated for referred Traders. All reviews remain unbiased and objective and immediate action will be taken against any broker which is found to be in breach of regulation. These partnerships have proven to be great aids in the furthering communication between brokers and our visitors. Only the NFA regulated brokers featured on this site are available to U.S. customers. Forex

Search