GBP/USD: general overview on 08.06.2015

June 8, 2015

Current trend

During the last trading session, GBP/USD fell sharply on US labour statistics. According to the data published, the number of non-farm payrolls grew by 280 thousand in May against a forecast of 225 thousand. This  made the pound drop by over 100 points. Weak data on US unemployment rate, which rose 0.1% to 5.5% in May, prevented GBP/USD from a sharper decline. The pound managed to reappreciate a bit, and GBP/USD steadied at 1.5270 at the end of the trading day. 

Today, June the 8th, the economic calender does not foresee any serious macroeconomic releases  that could affect the GBP/USD rate. Let's have a look at technical indicators.

Support and resistance

The MACD points to sellers' growing influence on the H4 chart. The histogram is located in the negative zone and its volumes are  increasing. Bollinger bands are diverging, confirming the continuation of the current downtrend.

Resistance levels: 1.5290, 1.5340, 1.5390, 1.5440.

Support levels: 1.5260, 1.5235, 1.5198, 1.5170.

Trading tips

Open short positions at current price with the nearest target at 1.5235 if the current downward trend continues. A firm breakout will open a way to a level of 1.5198. The consolidation of the pair above 1.5340 will outline an uptrend. Bulls' target then will be a level of 1.5440.

Publication source
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