GBP/USD has been growing within a range of 1.5196-1.5422 throughout the past week

February 16, 2015

Current trend

GBP/USD has been growing within a range of 1.5196-1.5422 throughout the past week. As a result, the trading session closed at 1.5396. This week started with a positive gap that was overlapped afterwards. Then the pair resumed growth.

The absence of important macroeconomic data on the UK accounts for a prevailing sideways movement of the pound against the American dollar today.  The market is expected to come to a standstill ahead of tomorrow's publication of UK key economic indexes.

Support and resistance

Quotes are still moving within the upper Bollinger band on the H4 chart. A value of 1.5439 is now a resistance level whose breakdown will allow the pair to grow to the level of 1.5475 and probably 1.5570. 

Support levels: 1.5380, 1.5335, 1.5300.
Resistance levels: 1.5439, 1.5475, 1.5570

Trading tips

Long positions should be opened once the price chart has crossed a level of 1.5439, with an exit at 1.5475. Sell below 1.5380 with a target at 1.5335.

Dmitry Agurbash
Analyst at LiteForex Investments Limited

Publication source
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