23.06.2014 - The British pound gives a signal to buy

The price of the British pound after overcoming the strong resistance level at 1.7000 and reaching 1.7050, corrected downwards to 1.7000, which is a classic signal to open long positions. Confirmation of the signal should be the price fixing above the level of the nearest local maximum of about 1.7050. The reason for optimism was the data on the balance of production orders in the UK, which rose to 11, compared with an expected 3. Given the strong macroeconomic indicators in the country, we recommend holding long positions on the British pound with the objectives at 1.7100 and 1.7200.

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