2016-08-17 11:27:23

Technical performance:

Prev. closure: 1.3047; Daily range: 1.3013-1.3071;
Opening: 1.3047; 52-week range: 1.2796-1.5820;
Annual profit: -16.29%; Previous day's change (%): +1.28.

Analytical review:

  • The pound has lost over 450 points against the US dollar since the beginning of August. During yesterday's trading session, the dollar stopped rallying at a support level of 1.2885 at which the currency pair held steady and the pound therefore edged up over 1.2%.
  • Important statistics on the US and UK economy were released yesterday. According to the Office for National Statistics, the consumer price index grew to 0.6% in July, which is a bit higher than a market expectation of 0.5%;
  • The US Census Bureau reported that July's construction permits amounted to 1.152М, while analysts predicted a value of 1.160М;
  • According to the US FED, industrial production grew to 0.7% in July against a forecast of 0.3%.
  • The Commitments of Traders Report provides ambiguous data. Huge operators increased long positions by 3346 contracts. Short positions were increased by 9404 contracts.


  • Upbeat data on the UK economy and US ambiguous macro-economic data support demand for the pound. According to COT report, huge operators are not definite about the pound.
  • So, we expect that the British pound will consolidate against the USD in the nearest future. We advise you to search for market entry points to open long positions.

Trading tips for GBP/USD

Key levels:
Support levels: 1.3030, 1.2945, 1.2885
Resistance levels: 1.3090, 1.3170

Medium-term trading, H1
The currency is currently trading near a support level at 1.3030. Once this level steadies and relevant confirming signals appear (Price Action patterns, for example), we recommend searching for market entry points to open long positions. Risk per trade: no more than 2% of equity. Stop order shall be placed a bit below the signal line. We recommend that prospective profits should be fixed partly at the levels of 1.3085, 1.3160 and 1.3200, with Trailing Stop applied.

Medium-term trading, H1
Medium-term trading, H1

Short-term trading, M15
The currency is trading at 1.3015-1.3050. We advise you to search for market entry points once this zone is broken and tested. Positions shall be opened in the direction of the signal line and the nearest support/resistance level. Risk per trade: no more than 3% of equity. Stop order shall be placed a bit above/below the signal line. Prospective profits shall be fixed partly, at 50%, 30%, and 20% of a prospective fluctuation, with Trailing Stop applied.

Short-term trading, M15
Short-term trading, M15