Current trend

GBP failed to break out the resistance level of 1.3244 (Murrey [5/8]) with the opening of the European trading session.

The instrument can be supported by a recent statement that the Bank of England may change interest rates this year. The regulator will focus on economic growth and the expected gradual decline in unemployment this year. However, the risks associated with Brexit are not to be neglected. It is possible that interest rates will need to be kept at a lower level for a longer time to support the growth of the economy. The indicator of house prices for June, released today, remained at the same level of 1.8%, which coincided with the forecasts of analysts.

Support and resistance

Stochastic is at 45 points and does not provide a signal for the opening of positions.

Resistance levels: 1.3244, 1.3270.

Support levels: 1.3183, 1.3150.

Trading tips

Short positions may be opened from the current level with take-profit at 1.3183 and stop-loss at 1.3260.

Great Britan vs US Dollar

BuySellSpread
1.280751.2805223

Scenario

TimeframeDay's Range
RecommendationsSELL
Entry Point1.3235
Take Profit1.3183
Stop Loss1.3260
Support levels1.3150, 1.3183, 1.3244, 1.3270
GBP/USD: general review

The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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