Current trend

Due to yesterday's banking holiday in the USA, major currencies did not trade actively, but volatility is expected to rise today. The GBP/USD rate may be influenced by data on US durable goods (15:30 GMT+3).   The index is forecast to drop significantly, which may weaken the dollar. Besides, statistics for US service sector activity and new home sales will be released at 17:00 GMT+3.

Support and resistance

On the H4 chart, technical indicators suggest that the downward trend will continue. Bollinger bands are diverging thus confirming a presence of the downtrend. The MACD histogram is in the negative zone, but its volumes are increasing gradually, which indicates sellers' growing influence.

Resistance levels: 1.5520, 1.5600, 1.5465, 1.5700.

Support levels: 1.5455, 1.5395, 1.5350.

Trading tips

Open short positions at the current price with the nearest target at  1.5395. A firm breakout will open a way to a level of 1.5350. Consolidation above the level of 1.5520 will suggest an upward movement. If so, buyers will attempt to assault the level of 1.5600.

GBP/USD: general overview




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