GBPUSD – Analysis and trading signals – 12 May 2014

GBPUSD – Analysis and trading signals – 12 May 2014

Analysis

After reaching 1.70 zone, a fresh new high in many years, GBPUSD moved down slowly in two days before falling down quickly in last Friday follow EURUSD.

In the daily chart, we can see very clear that GBPUSD is retracing from the top. However, the big uptrend still intact.

There will be three important news for GBP and USD next week: UK ILO Unemployment Change (Mar), BoE  Quaterly Inflation report and US CPI report. GBPUSD will continue to move down to lower support level or move up to test 1.70 zone again will depend on these report.

Screenshot 2014-05-11 18.26.01

Trading signals:

Resistant zone:

+1.699 – 1.700

+1.689 Р1691

Support zone:

+ 1.680 – 1.684

+ 1.670

+ 1.666

GBPUSD may retrace back to 1.688 -1.691 zone in Monday.

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