Now it is a small stable economic growth in the UK. Unemployment is on the low level, property prices increase, wages rise quite moderately, but inflation is at around zero, and a slight increase in wages is supporting purchasing power. The interest rates are also low and at the moment they are not going to grow. There is one risk to the UK economy - a large current account deficit of the balance of payments. As Mr. King, the former governor of the Bank of England, stated - UK must reduce its dependence on domestic consumption and credit and benefit greatly from the increased exports, but this didn't happen and an economy depend on the mood of foreign investors because of huge trade deficit. Today there is a number of important news that will set the future direction of the currency pair, now it is predicted a decline .
The main scenario
Previous forecast completely fulfilled. Couple moves in a downtrend, Tenkan and Kijun lines intertwined lower price, the price is moving inside the descending clouds, the downward movement of the pair from the resistance level 1.4700 is expected to continue. One should take "sell" positions below the resistance level of 1.4700, take profits on the support levels 1.4650, 1.4620, 1.4570.
Alternative scenario
If the pair will break through and consolidate above resistance level 1.4700, upward movement to the next resistance level of 1.4735, 1.4790 will be possible.
LEVELS
Of resistance: 1.4700; 1.4735; 1.4790.
Of support: 1.4650; 1.4620; 1.4570.
The main scenario
Previous forecast completely fulfilled. Couple moves in a downtrend, Tenkan and Kijun lines intertwined lower price, the price is moving inside the descending clouds, the downward movement of the pair from the resistance level 1.4700 is expected to continue. One should take "sell" positions below the resistance level of 1.4700, take profits on the support levels 1.4650, 1.4620, 1.4570.
Alternative scenario
If the pair will break through and consolidate above resistance level 1.4700, upward movement to the next resistance level of 1.4735, 1.4790 will be possible.
LEVELS
Of resistance: 1.4700; 1.4735; 1.4790.
Of support: 1.4650; 1.4620; 1.4570.
Recommended Content
Editors’ Picks
AUD/USD corrects toward 0.6850, awaits US PCE Price Index
AUD/USD is falling back toward 0.6850 in Friday's Asian trading, reversing from near 19-month peak. A tepid US Dollar bounce drags the pair lower but the downside appears called by the latest Chinese stimulus measures, which boost risk sentiment ahead of US PCE data.
USD/JPY pares gains toward 145.00 after Tokyo CPI inflation data
USD/JPY is paring back gains to head toward 145.00 in the Asian session on Friday, as Tokyo CPI inflation data keep hopes of BoJ rate hikes alive. However, intensifying risk flows on China's policy optimism support the pair's renewed upside. The focus shifts to the US PCE inflation data.
Gold price consolidates below record high as traders await US PCE Price Index
Gold price climbed to a fresh all-time peak on Thursday amid dovish Fed expectations. The USD languished near the YTD low and shrugged off Thursday’s upbeat US data. The upbeat market mood caps the XAU/USD ahead of the key US PCE Price Index.
Avalanche rallies following launch of incentive program for developers
Avalanche announced the launch of Retro9000 on Thursday as part of its larger Avalanche9000 upgrade. Retro9000 is a program designed to support developers with up to $40 million in grants for building on the Avalanche testnet.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.