GBP/USD: general overview on 26.05.2015

May 26, 2015

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.

Publication source
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