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The cable resided again for trading near 1.44

Discussion in 'Current Market Sentiments' started by fx-recommends, Feb 3, 2016.

  1. fx-recommends

    fx-recommends Content Contributor

    Aug 6, 2008
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    GBPUSD Daily 03-02-2016 06-07-43 ص.jpg
    GBPUSD is still trying to keep trading near 1.44, after the National Institute for Economic and Social Research said that it is expecting 0.3% annual inflation rate in UK down from 1.1% it has expected earlier last November.

    NIESR sees no expected chance for raising the interest rate in UK, before the ‘Brexit’ Referendum but it said that the interest rate can go higher later to reach 1.5% by the end of next year with GDP expected expansion by 2.3% in 2016 and 2.7% in 2017.

    After dipping down to 1.4324 yesterday, The cable returned to be traded near 1.44 keeping its existence above its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today 1.4183 in its ninth day in a row of being below the trading rate.

    The cable daily RSI-14 is now in the neutral territory reading 46.561, while its daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line in overbought area above 80 reading 90.515, while its signal line is still keeping existence in the neutral region but close to the overbought area reading now 78.942.

    The cable yesterday bottoming out at 1.4324 kept its existence above its hourly SMA200, its hourly SMA100 and its hourly SMA500 but it is still in a relatively deep place below its daily SMA50, its daily SMA100 and its daily SMA200 showing continued pressure on the it over the longer term.

    Important levels: Daily SMA50 @ 1.4716, Daily SMA100 @ 1.5002 and Daily SMA200 @ 1.5260


    S1: 1.4324
    S2: 1.4171
    S3: 1.4078
    R1: 1.4474
    R2: 1.4643
    R3: 1.4723

    Have a good day

    Walid Salah El din
    Senior Market Analyst
    Skype : chief.economist.walid

    Tel: UK. +44 1138590277
    Mob: EGY. +20 1224659143

    To open your account at Trade-24 - Click here

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