British Pound keeps getting stronger

Market Leader informed

According to its new accommodation policy, the US Fed Reserve is going to buy the treasuries to the sum of $600B.

The Fed Reserve reports that it is going to spend $75B every month to purchase the long-term treasury bonds. Such a measure may have a negative impact on the creditworthiness of the United States.

 

At the same time the Fed Reserves keeps devaluing USD.

In such a situation the British Pound currency rate at Forex is demonstrating positive dynamics.

Having broken through the high, the GBPUSD rate keeps on growing while developing short wave a (C ) /C.

Should the downward retracement come out of the MF Sloping Channel and break through the MF pivot at 1.6051, the wave started at 1.5961 will be completed. The pivot at 1.5961 is now defending the whole wave from 1.5651.

Today’s news (Nov 4^th  - GMT):

12:00     GBR - Bank of England Rate Decision

12:30     USA - Jobless claims, Nonfarm Productivity, Unit Labor Costs

12:45     EU - European Central Bank Rate Decision

13:30     EU - ECB Press Conference

 

 

 

 

Levels of Resistance and Support:

1.6364 - 138.2% + 176.4%

1.6307 - 161.8% + 161.8%

1.6226 - 123.6% + 138.2% + 200%

1.6183 – the current price

1.6108 - MF pivot

1.6051 – MF pivot

1.6000 – Oanda’s buy limits

 

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