Desember 31, 2013 - Brent: review | GBP/USD: new highs in a New Year

Brent: review Current trend Last week crude oil Brent has risen up to the level of 112.59 and after that corrected downwards. Support level was at the level 110.86. Currently investors expect that escalation of conflict in Southern Sudan, which exports about 220 thousand barrels of oil a day, will keep oil prices at a sustainable level. Last week, rebels in the Southern Sudan seized some oil wells and oil workers have been evacuated. In Libya oil production fell up to 230 thousand barrels per day against previous 1.6 million barrels per day. Strikes of the workers have led to the halt of several terminals at the end of July. Strikes in some of oil refineries in France also cause deficit and interruption of oil supplies to the world markets. Support and resistance The nearest resistance level is yesterday’s highs of 112.59, next after it will be the level of 112.95. Support levels are Fibonacci retracement 50% (110.25) and 61.8% (109.70). Trading tips It is likely that Brent will continue to trade in the narrow channel at the boundary of which it is advisable to place limit sell orders at the level of 112.59 and limit buy orders at the level of 110.86. Andrey Cherkas Analyst of LiteForex Group of Companies --------------------------------------------------------- GBP/USD: new highs in a New Year Current trend Despite the fact that the pair GBP/USD has reached the highs, investors continue to buy British currency. Following breakdown of the strong resistance level of 1.6460 the pair is likely go up to the highs of 1.6600 and 1.6740. In the last six month of 2013 growth rate of British economy has significantly accelerated, GDP in Q3 amounted to 1.9%. At the same time American economy did not justify the forecast for 2013 despite positive performance of the labour market. Support and resistance Volatility is not expected to be high today. Many investors and traders have already finished trading year of 2013. Next year the pair will strengthen due to positive British fundamental statistics. Expected highs for the next year are 1.6600 and 1.6740. Support levels: 1.6460, 1.6320 and 1.6200. Resistance levels: 1.6600 and 1.6740. Trading tips It is recommended to open long positions with profit taking at the level of 1.6720. Pending sell orders can be placed at the level of 1.6730. Dmitry Likhachev Analyst of LiteForex Group of Companies