GBP/USD: review and forecast on 29.06.2015

June 29, 2015

Current trend

As the result of the latest Greek crisis development, today markets opened with gaps. The gap in the GBP/USD pair was not as significant as, for example, in the EUR/USD, however was still quite big of 57 points. The pair opened at 1.5693 and is now trading around 1.5710.

Two big publications that are capable to affect the movement of the pair are out today. The Bank of England release is due at 11:30 am (GMT +3) and mixed expectations are not giving a clear picture of future direction of the GBP. The housing sector data form the US is due between 5:00 pm and 6:30 pm (GMT +3) and is expected to be generally negative.

Support and resistance

The price has already performed a correction as it crossed the bottom MA of Bollinger Bands during the opening gap and is now moving towards the middle MA of the indicator.

The nearest resistance level is 1.5721 (middle MA of Bollinger Bands). Support level is 1.6587 (bottom MA of Bollinger Bands).

Trading tips

The likely movement of the pair is upward, which is also supported by the negative US data that is due today.

Open long positions above 1.5721 with the target at 1.5755. Otherwise, open short positions with the target at 1.5687. 

Publication source
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