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25.04.201209:44 Forex Analysis & Reviews: Technical analysis and trading recommendations on GBP/USD for February 20, 2015

Long-term review

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The UK factory orders report showed a six-month high in February. British factory orders number grew at the fastest pace in February for the recent six months, according to an industry survey on Thursday. The data indicates a brighter outlook for the coming months. The outlook for the UK economy is changing for the better. The index grew by 6.0 points to 10.0 from 4.0. The drop in oil prices is a driving force of the manufacturing sector in the UK. The Pound fell 0.12% against the USD in the context of the strong US jobs data. The concerns about Greece's bailout also supported the US dollar on Thursday. The greenback enjoyed its winning steak on Thursday against most global currencies. The pair has the nearest support at 1.5400 or 12hr low. If the prices fall below 1.5400, the weakness will act in foreground. We recommend selling below 1.5395 with the targets at 1.5345 and 1.5315. On the upper side, we can expect strong momentum only above 1.5440. So we recommend buying above 1.5440 with the targets at 1.5465, 1.5480, and 1.5540.

Buying is above 1.5440.

Selling is below 1.5395.

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