Current trend
Yesterday, the British Pound declined against the US Dollar. The pair was under pressure amid the publication of favorable statistics on Redbook index which grew by 1.5% from the previous 1.9%. Consumer Price Index was up by 0.5% that is 0.1% above the forecast.
Today, attention needs to be paid to Unemployment Rate and Average Earnings data, released in the UK. Unemployment Rate is expected to remain unchanged at 5.3%.
However, the most important news is due in the US – the Fed announces its interest rate decision. Amid this publication, the market will be highly volatile. However, until the Fed decision is released, the pair is likely to continue moving down.
Support and resistance
The nearest support level is 1.4965 (8 December support level).
The resistance level is 1.5082 (MA24, 4 December low and 7 December high).
Trading tips
Short positions can be opened from the level of 1.5046 with the target at 1.4965 and stop-loss at 1.5082.
Yesterday, the British Pound declined against the US Dollar. The pair was under pressure amid the publication of favorable statistics on Redbook index which grew by 1.5% from the previous 1.9%. Consumer Price Index was up by 0.5% that is 0.1% above the forecast.
Today, attention needs to be paid to Unemployment Rate and Average Earnings data, released in the UK. Unemployment Rate is expected to remain unchanged at 5.3%.
However, the most important news is due in the US – the Fed announces its interest rate decision. Amid this publication, the market will be highly volatile. However, until the Fed decision is released, the pair is likely to continue moving down.
Support and resistance
The nearest support level is 1.4965 (8 December support level).
The resistance level is 1.5082 (MA24, 4 December low and 7 December high).
Trading tips
Short positions can be opened from the level of 1.5046 with the target at 1.4965 and stop-loss at 1.5082.