British Pound Range Bound, Aiming For A Break

British Pound Range Bound, Aiming For A Break

By: Ben Myers | Where To Trade | On:14-01-2015 15:53
Back

Key Highlights

  • US dollar continued to trade higher and might not stop in the near term.

  • New Zealand Monthly Budget Statement released by the Financial Management Service came in at $2.0B, compared with the forecast of $3.0B.

  • New Zealand Electronic Card Retail Sales as reported by Statistics New Zealand registered a reading of -0.1%, compared with the last time decline of 0.1%.

  • New Zealand Electronic Card Retail Sales in terms of the yearly change registered an increase of 3.5% in December 2014, compared with the last time reading of 3.3%.

  • Japanese Money Supply M2+CD released by the Bank of Japan came in at 3.6% in December 2014, compared with the last reading of 3.6% and the market was also expecting 3.6%.

  • South Korea Unemployment Rate released by the Korea National Statistical Office increased from 3.4% to 3.5% whereas the market was expecting it to stay at 3.4%.

  • GBPUSD pair might trade lower in the near term as sellers remain in control.

USDCHF

The US dollar continued to find buyers on the dips against the Swiss franc as every time sellers take it lower buyers appear. There is a monster support on the downside for the USDCHF pair, which acted as a support on a number of occasions. Moreover, the pair is also placed above the 200 hour moving average, which is a positive sign in the near term. There is an important point to note that the pair struggled around the 50% fib retracement level of the last drop, which is a warning sign.

Intraday Support Level – 1.0140

Intraday Resistance Level – 1.0230

  • Overall, as long as the pair is above the 200 MA it might continue trading higher.

  • A break above the mentioned MA could take the pair towards the 1.0020 level.

If the USDCHF pair moves higher from the current levels, then initial resistance is around the 1.0230 level. A break above the same might take the pair towards the 1.0260 level.

GBPUSD

The British pound traded lower against the US dollar as the recent releases in the UK failed to impress buyers. However, the downside was limited, as the pair is already around the oversold readings. The pair is struggling to close above the 100 hour moving average. There is a bearish trend line on the hourly chart, which is likely to act as a resistance in the short term. Moreover, the 200 hour moving average is also sitting around the highlighted trend line. The 1.5200 area is a crucial barrier for the GBPUSD pair, which can be considered as a pivot point for the pair.

Intraday Support Level – 1.5100

Intraday Resistance Level – 1.5200

  • Selling rallies around the 1.5200 level look like a good option.

  • A break above the same would call for gains moving ahead.

If the GBPUSD pair moves lower from the current levels, then it is likely to find support around the 1.5100 area. Any further downside might be limited considering the current market sentiment for the pair.

Ben Myers

Ben Myers

Success = few pips, thousand times

Ben Myers is one of the most respected and trusted names in the financial trading industry. Following a long and successful career with HSBC, Bank of Ireland and running his own investment firm

Yen Looks Set For More Losses

Yen Looks Set For More Losses

By: Simon Furman | Where To Trade | On:01-05-2015 11:16

Japanese yen tumbled against most currencies including the Euro and the US dollar, and it looks like it might continue to head lower in the near term.

AUDUSD Remains Buy On Dips

AUDUSD Remains Buy On Dips

By: Ben Myers | Where To Trade | On:30-04-2015 11:13

Aussie dollar was one of the best performing currencies as it traded higher against most major currencies, and looks set for more gains in the short term.

USDCHF At Risk Of A Major Break

USDCHF At Risk Of A Major Break

By: Darryl Frankfort | Where To Trade | On:29-04-2015 11:09

US dollar dived sharply against the Swiss franc and other major currencies, as sellers managed to gain strength exposing a major break in the USDCHF pair in the near term.

US Dollar Poised For Further Rise Versus Yen

US Dollar Poised For Further Rise Versus Yen

By: James Ansher | Where To Trade | On:28-04-2015 10:58

Japanese yen once again failed to hold the ground and lost all the gains against currencies like the US Dollar and the Euro, which exposes it for more declines in the near future.

NZDUSD Gains Favored As It Holds Key Lows

NZDUSD Gains Favored As It Holds Key Lows

By: Oliver Miller | Where To Trade | On:27-04-2015 10:50

New Zealand dollar traded lower this past week after solid gains against the US dollar, but found support around and important area which means there is a chance of recovery in the near term.

StockPair

Press Release

YesOption Voted Best Technical Analysis by DailyForex

YesOption Voted Best Technical Analysis by DailyForex

August 12, 2014 - London, UK, - Leading online forex and binary options trading platform - www.yesoption.com has once again made the news by being awarded the prestigious award of ‘Best Technical Analysis of 2014’ ...
24option binary options broker review

24option binary options broker review

Plus500Findings.com is recently launched online to help traders decide which broker they could open an account. 24Option, one of the popular trading platform online is reviewed whether it is legitimate broker or scam. This reviews and findings are of great benefits for traders, especially for those novice ones, who are just starting in the trading industry. ...
Banc De Binary Expands Investment Research Service

Banc De Binary Expands Investment Research Service

Leading Investment Firm, Banc De Binary, which specializes in binary options trading, has added a new weekly video series and trading webinars to the investment research service that it provides to its clients. ...

Articles

Citigroup Inc. is to pay $25 million amends

Citigroup Inc. is to pay $25 million amends

Citigroup accepted to pay the amends without denying the accusation ...
Netflix added 7.1 million new subscribers

Netflix added 7.1 million new subscribers

Netflix Inc. managed to add in the last quarter of 2016 more subscribers than expected ...
The Federal Reserve Chair Janet Yellen is set to have another speech on Thursday

The Federal Reserve Chair Janet Yellen is set to have another speech on Thursday

On Wednesday, Federal Reserve Chair Janet Yellen spoke about the interest rates and about the United States' economy ...
StockPair

Featured Listings