Antony_NPBFX
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GBP/USD: the pair consolidates 04.05.2018
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on the GBP/USD for a better understanding of the current market situation and more efficient trading.
Current trend
The British pound traded in mixed directions against the US dollar at the close of trading on Thursday, closing with a minimal "bullish" advantage. The reason for this ambiguous dynamics was the contradictory macroeconomic publications from the US and the UK.
Statistics from the UK continue disappointing. This time round, it was the Markit Services PMI that showed weak reading. In April, the index came out at 52.8 points, below the expectations of 53.5 points. The chances of an interest rate increase by the Bank of England this month, therefore, keep fading away.
The US statistics impressed with a more moderate increase in the number of initial jobless claims (from 209K to 211K with a forecast of 225K), but disappointed with the nonfarm productivity in Q1 2018 and non-manufacturing PMI for April.
Support and resistance
Bollinger Bands in D1 chart demonstrate a stable decrease. The price range is narrowing, reflecting the propensity of the instrument to corrective dynamics.
MACD is going down preserving a moderate sell signal (histogram is located below the signal line).
Stochastic has long been near its minimum levels, signaling the oversold GBP in the short and medium term.
At the moment it is necessary to wait for the appearance of clear trade signals for corrective growth.
Resistance levels: 1.3600, 1.3650, 1.3710, 1.3796.
Support levels: 1.3530, 1.3500, 1.3420.
Trading tips
To open long positions, one can rely on the rebound from the support level of 1.3535, with the subsequent breakout of the 1.3600 or 1.3650 marks. Take-profit — 1.3750 or 1.3800. Stop-loss — 1.3550. Implementation period: 2-3 days.
A confident breakdown of the level of 1.3535–1.3500 may be a signal to further sales with targets at 1.3420 or 1.3400 marks. Stop-loss — 1.3550 or 1.3585. Implementation period: 2 days.
Use more opportunities of the NPBFX analytical portal: glossary
Beginning traders certainly face a lot of specialized concepts and lexicon on FOREX, which are often not fully been understood. Swap, tick, hedge, margin calls are often unfamiliar to beginning traders. But the lack of knowledge of these fundamentals make a competent market vision impossible. So glossary on the NPBFX analytical portal could be an excellent helper in this case, which contains all the main definitions with explanations in a compact and accessible form. All concepts are arranged in alphabetical order, so that you can easily and quickly find and explore a new concept for yourself.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on GBP/USD and trade efficiently with NPBFX.
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on the GBP/USD for a better understanding of the current market situation and more efficient trading.
Current trend
The British pound traded in mixed directions against the US dollar at the close of trading on Thursday, closing with a minimal "bullish" advantage. The reason for this ambiguous dynamics was the contradictory macroeconomic publications from the US and the UK.
Statistics from the UK continue disappointing. This time round, it was the Markit Services PMI that showed weak reading. In April, the index came out at 52.8 points, below the expectations of 53.5 points. The chances of an interest rate increase by the Bank of England this month, therefore, keep fading away.
The US statistics impressed with a more moderate increase in the number of initial jobless claims (from 209K to 211K with a forecast of 225K), but disappointed with the nonfarm productivity in Q1 2018 and non-manufacturing PMI for April.
Support and resistance
Bollinger Bands in D1 chart demonstrate a stable decrease. The price range is narrowing, reflecting the propensity of the instrument to corrective dynamics.
MACD is going down preserving a moderate sell signal (histogram is located below the signal line).
Stochastic has long been near its minimum levels, signaling the oversold GBP in the short and medium term.
At the moment it is necessary to wait for the appearance of clear trade signals for corrective growth.
Resistance levels: 1.3600, 1.3650, 1.3710, 1.3796.
Support levels: 1.3530, 1.3500, 1.3420.
Trading tips
To open long positions, one can rely on the rebound from the support level of 1.3535, with the subsequent breakout of the 1.3600 or 1.3650 marks. Take-profit — 1.3750 or 1.3800. Stop-loss — 1.3550. Implementation period: 2-3 days.
A confident breakdown of the level of 1.3535–1.3500 may be a signal to further sales with targets at 1.3420 or 1.3400 marks. Stop-loss — 1.3550 or 1.3585. Implementation period: 2 days.
Use more opportunities of the NPBFX analytical portal: glossary
Beginning traders certainly face a lot of specialized concepts and lexicon on FOREX, which are often not fully been understood. Swap, tick, hedge, margin calls are often unfamiliar to beginning traders. But the lack of knowledge of these fundamentals make a competent market vision impossible. So glossary on the NPBFX analytical portal could be an excellent helper in this case, which contains all the main definitions with explanations in a compact and accessible form. All concepts are arranged in alphabetical order, so that you can easily and quickly find and explore a new concept for yourself.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on GBP/USD and trade efficiently with NPBFX.
