Current trend

GBP/USD has been growing firmly since yesterday.  

Still, the pair may get a new stimulus once the National Institute of Economic and Social Research has published the data on the UK economy growth rates over the last quarter. The publication is scheduled for 17:00 (GMT +3), and the results are thought to be accurate enough to have an impact on the Bank of England's monetary policy.

Support and resistance

Bollinger bands are directed upwards, pointing to an uptrend, but the pair has not reached the maximum yet and still has some growth potential.  

Support levels: 1.5221 (middle line of Bollinger bands), 1.5171 (lower line of Bollinger bands) and 1.5140 (local minimum).

Resistance levels: 1.5271 (upper line of Bollinger bands).

Trading tips

Short positions targeted at 1.5190 and 1.5140 can be opened once a level of 1.5250 has been broken out. Remember to place a protective order at about 1.5265. Long positions may be opened after the price breaks a level of 1.5320. Their target would be a level of 1.5385. A protective order should be placed at about 1.5300.

GBP/USD: analysis and forecast

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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