Written By : ForexAbode.com || Wednesday, 17 June 2015 05:58 GMT

GBP/USD Analysis - June 17, 2015

Current Exchange Rate: 1.5730 at the time of analysis update.

Intraday outlook: Mildly bullish outlook for GBP/USD..

The outlook is mildly bullish as far as the short-term view is concerned. We expect upward moves first towards 1.5755 and then possibly 1.5785. However, the recent high was at 1.5815 and that calls for a bit of caution. However, the move to 1.5815 on May 14, 2015 had represented a break of mid-December 2014's important resistance at 1.5786, however the actual high of that time was 1.5825 and for the mid-term we stay cautious.

Support is expected near 1.5670 and that should be the stop-loss order level for any long position. Risk-reward ratios are again not in favor and hence it may be better to wait till a break over 1.5825 takes place.

GBP/USD Daily and Hourly Charts

GBP/USD Hourly Chart      

GBP/USD analysis - hourly chart - June 17, 2015

GBP/USD Daily Chart      

GBP/USD technical analysis - daily chart - June 17, 2015

GBPUSD daily support and resistance trend line.

Further Resources and notes

Note 1: Please also take a look at GBP/USD forecast for mid-term trading approach updated on the weekends.

Note 2: Please subscribe to the analysis newsletter so that we can send email alerts as soon as we update the the same.

You may also share and check any GBP/USD chart alerts in the blog section and GBP/USD market sentiments in Forex forum and Forex blog.

 
GBP/USD Interest rate Comparison
(For Carry Trades)
Pound sterling (GBP) interest rate
0.50%
U.S. dollar (USD) interest rate
0.25%
GBP/USD interest Rate Comparison
0.25%

GBP/USD Resistance and Support with Daily Pivot Points (Values at GMT 00:00)

Last Updated (Wednesday, 17 June 2015 02:21) GMT

Standard Pivot Point for GBP/USD Fibonacci Pivot Point for GBP/USD Woodie Pivot Point for GBP/USD Camarilla Pivot Point for GBP/USD
R3 1.5794 R3 1.5724     R3 1.5671
R2 1.5724 R2 1.5681 R2 1.5731 R2 1.5661
R1 1.5682 R1 1.5655 R1 1.5696 R1 1.565
Pivot 1.5612 Pivot 1.5612 Pivot 1.5619 Pivot 1.5612
S1 1.557 S1 1.5569 S1 1.5584 S1 1.563
S2 1.55 S2 1.5543 S2 1.5507 S2 1.5619
S3 1.5458 S3 1.55     S3 1.5609
Open 1.5598 Open 1.5598 Open 1.5598 Open 1.5598
High 1.5654 High 1.5654 High 1.5654 High 1.5654
Low 1.5542 Low 1.5542 Low 1.5542 Low 1.5542
Close 1.5640 Close 1.5640 Close 1.5640 Close 1.5640

GBP/USD's Correlations with other currency majors

GBP/USD Correlation Values:
 
GBP/USD
P
e
r
i
o
d
G
B
P
/
U
S
D
AUD
/USD
EUR
/CHF
EUR
/GBP
EUR
/JPY
EUR
/USD
NZD
/USD
USD
/CAD
USD
/CHF
USD
/JPY
1
W
e
e
k
1 0.61 0.58 0.26 0.47 0.77 0.26 -0.77 -0.51 0.25
1
M
o
n
t
h
1 -0.81 -0.81 -0.82 0.17 0.36 0.64 -0.76 -0.57 -0.21
1
Y
e
a
r
1 0.28 -0.81 -0.94 0.85 0.9 0.88 0.65 -0.94 0.69

GBP/USD Correlation Graph:
 
0.61
   
0.28
   
 
0.58
   
-0.81
   
 
0.26
   
-0.94
   
 
0.47
   
0.85
   
 
0.77
   
0.9
   
 
0.26
   
0.88
   
 
-0.77
   
0.65
   
 
-0.51
   
-0.94
   
 
0.25
   
0.69
   
   
0.61
   
0.28
 
   
0.58
   
0.81
 
   
0.26
   
0.94
 
   
0.47
   
0.85
 
   
0.77
   
0.9
 
   
0.26
   
0.88
 
   
0.77
   
0.65
 
   
0.51
   
0.94
 
   
0.25
   
0.69

Notes and caution about Forex analysis for GBP/USD

The daily GBP/USD analysis is not just based on technical indicators but also takes into account the overall price action and other aspects which can affect the Forex market in general and GBP/USD price action specifically. Please also note that many times the price mentioned at the time of analysis update maybe different than the entry level suggested. These positions would mean limit orders for buying or short-selling. Hence please do not treat this analysis just as trading signals for GBP/USD.

However, please note that the analysis reflects our views about the currency market based various factors. Forex trading is a speculative market and the price may always have unpredictable moves. We cannot take the responsibility for any losses dues to and positions taken based on our views.

Please check the current GBP/USD Exchange Rate.

Check any Real-Time GBP/USD Trades in Forum.

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