GBP/USD consolidated slightly during the previous trading session. Investors did not hurry to sell the British currency despite positive statistics for US consumer confidence. Today, 1st April, GBP/USD has grown at the beginning of the trading session. Market participants seem to continue reacting to upbeat statistics for UK GDP that grew by 0.6% in the fourth quarter, having exceeded forecasts by 0.1%.
US manufacturing index is to be published in the afternoon at 16:00 GMT+2, and forecasts are not really optimistic. On the whole, today is not rich in macroeconomic releases.
Support and resistance
Bollinger Bands are diverging slightly on H4 chart, pointing to the continuation of the uptrend. The MACD histogram is in the negative zone, but its volumes are decreasing by leaps and bounds, which indicates buyers' growing influence.
Resistance levels: 1.4875, 1.4960, 1.4996.
Support levels: 1.4810, 1.4775.
If the current trend continues, long positions may be opened once the level of 1.4875 is broken with the nearest target at about 1.4920. After consolidating above 1.4920, bulls will attempt to "assault" the level of 1.4960. If a downward movement starts, open short positions below the support level of 1.4810. Quotes may drop to the levels 1.4775 and 1.4740 afterwards.