Current trend

The GBP/USD pair is in the upward correction since last week.

The pair was supported by poor data on Industrial Production, construction sector and Jobless Claims in the US, and amid profit taking on short positions in the pair.

At the same time, the pair is under pressure from increased expectations of an interest rate hike in the US in December and poor Retail Sales and key indices data in the UK.

Support and resistance

The pair continues moving along a narrowing descending channel nearly reaching its upper border at the level of 1.5350 on Thursday. The upward correction can continue up to the level of 1.5400, after which the pair will fall.

In the medium term, a fall towards 1.4910 is expected.

Support levels: 1.5250, 1.5190, 1.5100, 1.5030, 1.5000, 1.4910, 1.4830, 1.4745.

Resistance levels: 1.5295, 1.5350, 1.5400, 1.5500, 1.5610, 1.5675, 1.5750, 1.5815.

Trading tips

Open short positions from current levels and from 1.5400 with the target at 1.4910 and stop-loss at 1.5440.

GBP/USD: pair in correction

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