Current trend 

Yesterday, the pair GBP/USD went down despite the fact that the Pound was supported by positive British macro-economic statistics. It became known that business activity index in the service sector has grown up to the level of 58.9 points reaching the highest level over the past seven months. Nevertheless, in the afternoon, American labor market statistics has forced the pair to go down. The number of open vacancies in the US labor market outside agricultural sector has reached 5.13 million, which was above the forecast of 5.01 million.

Today, the minutes of the meeting of the Federal Committee on the US Open Market will be made public, which can shed light on future monetary policy of the country. Investors, however, do not expect changes in the dates of rising interest rates, which means that prior to the release of the minutes, the USD may slightly weaken.

Support and resistance

Stochastic Oscillator confirms the forecast of weakening in the USD, showing reversal and probability of rollback in price to the level of 1.4860 (moving average with the period 40). Support level is the local lows of 1.4779.  

Trading tips 

It is recommended to open long positions from the level of 1.4818 with the take profit at 1.4860 and stop-loss at 1.4779.

GBP/USD: general analysis




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