GBP/USD: outlook and forecast on 07.07.2015

July 7, 2015

Current trend

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).

Trading tips

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
LiteForex information  LiteForex reviews

January 20, 2017
Cautious EURUSD Ahead of ECB Press Conference
USD, and the US government bond yields, surged last night following Fed president Janet Yellen’s speech to the Commonwealth Club in San Francisco...
January 19, 2017
Is equilibrium out of reach?
Let’s check what’s going on with Oil before turning our attention to the Russian Ruble. “Black gold” is forming a reversal pattern next to the key level of 52.10. The only matter is that this pattern is above the horizontal level, but the 52.10 level can potentially become the neckline of our pattern...
January 18, 2017
Trump Inauguration Market Outlook
Friday, January 20, 2017 will mark the historic inauguration of what promises to be a highly unconventional US presidential administration...

FIBO Group Rating
XTB Rating
Grand Capital Rating
Trade360 Rating
EXNESS Rating
Larson&Holz IT Ltd Rating

Banc De Binary Rating
OptionTrade Rating
Dragon Options Rating
24option Rating
99Binary Rating
TropicalTrade Rating