Technical analysis and trading recommendations on GBP/USD for February 16, 2015
February 16, 2015 8:20 am
Last week, the cable managed to close above 50Dsma. On the daily chart, the cable gave an upside breakout from the falling bearish channel. The weekly resistance exists at 1.5570. The UK’s inflation stood at 0.5% in December 2014. The main reason for this was the steepest fall in wholesale energy prices during the second half of the last year. The decline in the energy prices helps the BoE keep interest rates at the record low of 0.5%. Traders are keeping an eye on tomorrow’s CPI data. The British Pound looks weak against the stronger US dollar. The pair has weekly support at 1.5340 and 1.5180. The panic selling will be triggered below 1.5190 towards 1.5140 , 1.5100, and 1.5000. In case if the pair corrects towards 1.5350 and 1.5290, use this opportunity to buy with sl at 1.5190. On the monthly chart, the previous supports are between 1.4830 and 1.4800. We recommend selling below 1.5180, sell with the targets at 1.5140, 1.5100, and 1.4990.
The material has been provided by InstaForex Company – www.instaforex.com
Last week, the cable managed to close above
50Dsma. On the daily chart, the cable gave an upside breakout from the
falling bearish channel. The weekly
resistance exists at 1.5570. The UK’s inflation
stood at 0.5% in December 2014. The main reason for this was the steepest fall
in wholesale energy prices during the second half of the last year. The decline in the energy prices helps the BoE keep
interest rates at the record low of 0.5%. Traders are keeping an eye on tomorrow’s CPI data. The
British Pound looks weak against the stronger US dollar. The pair has weekly support at 1.5340 and 1.5180. The panic selling will be triggered below 1.5190 towards 1.5140 , 1.5100, and 1.5000. In case
if the pair corrects towards 1.5350 and 1.5290, use this opportunity to buy with
sl at 1.5190. On the monthly chart, the previous supports are
between 1.4830 and 1.4800. We recommend selling below 1.5180, sell with the targets at 1.5140, 1.5100,
and 1.4990.
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