GBP/USD: review and forecast

June 11, 2015

Current trend

Opened at 1.5259 on Monday, the pair GBP/USD has been steadily growing all week. Yesterday it closed at 1.5528, but in the morning 11 June the pair slightly rolled back and is now traded at 1.5490.

Today, the movement in the pair GBP/USD will be affected by the release of the US retail sales data. As expected, retail sales in May have increased from 0 to 1.1%, and this figure should strengthen the dollar.

Support and resistance

Technical analysis shows that GBP/USD price has settled near the middle line of Bollinger bands and the bands are narrowing. The price is expected to go down after the release of the fundamental data. The nearest support levels are 1.5430 and 1.5160 (middle and bottom line of Bollinger bands). Resistance levels: 1.5650 (local high).

Trading tips

It is recommended to place sell orders below the level of 1.5430 with targets at 1.5300 and 1.5250.    

Publication source
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