FXEMPIRE
All
Ad
Advertisement
Advertisement
Vladimir Zernov
Add to Bookmarks
GBP/USD

GBP/USD Video 17.05.21.

British Pound Is Mostly Flat Against U.S. Dollar

GBP/USD is currently trying to settle above the resistance at 1.4080 while the U.S. dollar is gaining some ground against a broad basket of currencies.

Advertisement
Know where GBP/USD is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

The U.S. Dollar Index received support at 90.30 and is moving towards the resistance at 90.50. In case the U.S. Dollar Index manages to settle above this level, it will head towards the resistance at 90.70 which will be bearish for GBP/USD.

There are no important economic reports scheduled to be released in the UK today so foreign exchange market traders will focus on NY Empire State Manufacturing Index from the U.S. Analysts expect that NY Empire State Manufacturing Index declined from 26.3 to April to 23.9 in May.

Traders will also keep an eye on the developments in U.S. government bond markets. Treasury yields continue to pull back as Fed officials managed to calm markets. Currently, the yield of 10-year Treasuries is trying to settle below the 20 EMA at 1.62%. In case this attempt is successful, it will head towards the 20 EMA at 1.56% which will be bearish for the American currency.

Advertisement

Technical Analysis

GBP/USD is currently trying to stay above 1.4080. In case GBP/USD manages to settle above this level, it will move towards the next resistance at 1.4120. RSI is in the moderate territory, and there is plenty of room to gain additional momentum in case the right catalysts emerge.

If GBP/USD settles above the resistance at 1.4120, it will move towards the next resistance at 1.4150. A successful test of this level will open the way to the test of the resistance at 1.4180.

On the support side, a move below 1.4080 will push GBP/USD towards the support at 1.4050. If GBP/USD declines below the support at 1.4050, it will head towards the next support at 1.4020. A successful test of this level will open the way to the test of the support which is located at the 20 EMA at 1.4000.

For a look at all of today’s economic events, check out our economic calendar.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker