Current trend

At yesterday’sopening, the GBP/USD pair showed good upward dynamics but towards the middle of the day fell again to the level of 1.5170.

A big news bloc from the UK is planned for today for 11:30 am (GMT +3). The Bank of England is going to publish the data on the Consumer Credit, Money Supply and Mortgage Approvals. Almost all of the indicators are forecasted to grow that could lead to a short-term upward impulse in the pair.

Support and resistance

Bollinger Bands has formed a “bottleneck” that could indicate a change in the short-term trend.

Supportlevels: 1.4966 (13 April low), 1.5114 (bottom MA of Bollinger Bands).

Resistance levels: 1.5207 (middleMAofBollingerBands), 1.5300 (upper MA of Bollinger Bands).

Trading tips

Pending buy orders can be placed from the level of 1.5207 with the target at 1.5300, but it is recommended to activate trailing stop above the level of 1.5240.

Short positions can be opened below the level of 1.5150with the target at 1.5114.

GBP/USD: review and forecast

Materials published on this page are provided by LiteForex for informational purposes only and should not be construed as investment advice or advice for the purposes of 2004/39/EC Directive. In addition, these materials have not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the further distribution of investment research.

Follow us in social networks!
Live Chat
Leave feedback