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
S&R:
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
Chief Tech Analyst of Trade-24
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
S&R:
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
Chief Tech Analyst of Trade-24
The cable resided again for trading near 1.44
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