GBP/USD: general analysis

Current trend

Yesterday GBP grew against USD, during the day the pair was trying to consolidate above the level of 1.4200, but was corrected downwards is now trading around the level of 1.4170.

Yesterday there was lack of key macroeconomic releases in the UK, so the pair was moving due to US Fed’s interest rate decision. The regulator has kept the rate on the same level of 1.5%, as expected, the monetary policy statement’s mood was restricted and didn’t cause any volatility peaks.

Today the traders are focused on the US Initial Jobless Claims release at 15:30 (GMT+2) and ISM Manufacturing PMI publications at 17:00 (GMT+2).

Support and resistance

On the 4-hour chart the instrument is moving sideways within the narrow channel, formed by the upper border and the middle line of Bollinger Bands. MACD histogram is in the positive area, keeping a weak signal to open long positions.

Resistance levels: 1.4225, 1.4290, 1.4345.

Support levels: 1.4135, 1.4070, 1.3995, 1.3940.

Trading tips

Long positions can be opened at the level of 1.4230 with the target at 1.4345 and stop loss at 1.4170.

Short positions can be opened at the level of 1.4130 with the target at 1.4055 and stop loss at 1.4170.

Implementation period: 1–3 days.

Great Britan vs US Dollar

Buy Sell Spread
1.41829 1.41804 25

Scenario

Timeframe Day’s Range
Recommendations BUY STOP
Entry Point 1.4230
Take Profit 1.4345
Stop Loss 1.4170
Support levels 1.3940, 1.3995, 1.4070, 1.4135, 1.4225, 1.4290, 1.4345

Alternative scenario

Recommendations SELL STOP
Entry Point 1.4130
Take Profit 1.4055
Stop Loss 1.4170
Support levels 1.3940, 1.3995, 1.4070, 1.4135, 1.4225, 1.4290, 1.4345

GBP/USD: general analysis

The material published on this page is produced by the Claws&Horns Company 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.

liteforex.com
liteforex.com

Latest posts by liteforex.com (see all)

Comments

comments