Some quick levels before the UK services PMI - Forex News by FX Leaders

Some quick levels before the UK services PMI

Posted Wednesday, August 3, 2016 by
Skerdian Meta • 1 min read

Yesterday was a USD selling day. Most majors made considerable gains against the Buck apart from USD/CAD which completed a round trip. It was affected by oil prices and ended the day unchanged, so the support levels and resistance levels remain the same in this pair. In other forex pairs though, the support and resistance levels have changed since the moves were around 100 pips yesterday.

EUR/USD – The first resistance level in this forex pair comes just above we are right now at 1.1215-20 which is where the 20 moving average comes on the hourly chart. Above that comes 1.1230s which was the high yesterday and that´s where the 100 moving average stand on the H4 chart and finally 1.1280-1.1300. Support levels stand at 1.12 , 1.1180 where the 50 moving average comes and 1.1150.

GBP/USD – This forex pair moved up nearly 200 pips yesterday despite the disappointing construction data. Anyway, the support and resistance levels have changed so let´s have a quick look at them before the services numbers get published. Resistance comes at 1.3350-60 which was the high yesterday, then comes 1.3320s which is where the 100 smooth moving average stands on the H4 chart and finally 1.35. Support levels come at 1.3290-1.3300, then 1.3230 and finally 1.3170-80 which was the low yesterday.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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