Current trend

Yesterday’s trading session was quiet for GBP/USD. The pair did not demonstrate any definite dynamics due to the lack of macro-economic news. The rise in the pair in the afternoon shifted into technical correction. Pushing off from support level of 1.4866, the price sharply went up exceeding over 100 points. After than the pair stopped at resistance level of 1.4967, and rapidly corrected downwards to 1.4930.

Today, investors are waiting for the decision of the Monetary Policy Committee of the Bank of England on the asset purchase program and interest rate.

Support and resistance

Technical indicators show the lull in the market. Bollinger bands are directed sideways, MACD histogram is in the positive zone, moving along the zero lone, which also indicates sideways movement in the market.

Технические индикаторы указывают на спокойствие на рынке. Полосы Боллинджера направлены вбок, гистограмма MACD расположена в положительной зоне, но движется вдоль нулевой линии, что также указывает на боковое движение рынка

Resistance levels: 1.4970, 1.5005 and 1.5055.

Support levels: 1.4900, 1.4855, 1.4810 and 1.4760.

Trading tips

It is recommended to open pending buy positions from the level of 1.4970 with the target of 1.5055.  Sell orders can be placed below the level of 1.4900 with the target of 1.4810.

GBP/USD: general review

The material published on this page is produced by LiteForex 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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