General overview
The “black gold” pressures the pound. Previously, the US Energy Department reported about the crude oil and gasoline increase, which is a negative factor for the Brent quotations. We remind, that oil inventories showed an increase of 3.955 million. barrels with forecast of 0.102 million. The industrial business activity index amounted to 51.5 points in September while everybody expected an increase to 51.3 points; the previous value was revised from 51.5 points to 51.6
The pair is trading in a flat between the levels of 1.5200 and 1.5100. The instrument closed with a decrease by the end of the trading day.
The price is finding the first support at 1.5100, the next one is 1.4975. The price is finding the first resistance at 1.5200, the next one is at 1.5300.
There is a confirmed and a strong sell signal. The price is under the Cloud and it is under the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The downward movement will be until the price is under the Cloud.
The MACD indicator is in a negative territory. The price is decreasing.
Trading recommendations
The sellers need to break below 1.5100 for a steady decrease. The way to the mark 1.4975 will be opened after this breakthrough.
