Yesterday the pair GBP/USD was trading within a wide range and amid the news release the price rose from 1.5550 to 1.5625. However, during the rest of the day the pair movement was a result of the correction, and in the morning on July 7 the pair is at 1.5590.
The block of releases at 5 p.m. (GMT +3) should significantly influence the movement of the pair, as it was yesterday. Today, the National Institute of Economic and Social Research publishes its report. NIESR GDP Estimate is a reliable source of information and, before the official GDP statistics is released, it may influence the UK monetary policy.
Support and resistance
On the four-hour chart Bollinger Bands MAs are narrowing down, and the price chart is near the middle line. It indicates a further new trend development but, unfortunately, neither the MAs nor the economic forecast for today may help to predict the direction of this trend.
At the moment, the nearest resistance levels are 1.5643 (the upper Bollinger MA) and 1.5625 (local maximum). Support level is 1.5551 (the lower Bollinger MA).
Pending orders should be placed both for possible upward and downward movement. Sell below 1.5575 with the target at 1.5540, open long positions above 1.5625 with take profit at 1.5650.Publication source