GBP/USD: review and forecast on 10.07.2015

July 10, 2015

Current trend

The last couple of days, the pair GBP/USD was trading in a narrow range between 1.5330 and 1.5420. After the publication of the GDP data for the UK, the pair lost around 170 points. After that, investors’ interest cooled down and price changes were insignificant.

Economic calendar for 10 July does not have important publications, which is likely to keep the market calm.

Support and resistance

On the 4-hour chart, Bollinger bands are narrowing down and the pair remains near the middle MA of the indicator. These is a signal of a formation of the new trend. The direction of the trend, however, is hard to predict.

The nearest resistance level is 1.5408 (middle MA of Bollinger Bands).

Support levels: 1.5924 (lower MA of Bollinger Bands), 1.5330 (local low).

Trading tips

Due to the absence of news from the UK, the most likely is the continuation of the downward movement.

Open short positions below 1.5370 with targets at 1.5330, 1.5294. Long positions can be opened after the price consolidation above 1.5430 with the target at 1.5525.

Publication source
LiteForex information  LiteForex reviews

October 24, 2016
Important economic events for the coming week
Monday, October 24, 2016 - JPY Small Business Confidence (OCT), EUR Markit/BME Germany Manufacturing PMI (OCT P), USD Markit US Manufacturing PMI (OCT P)...
October 21, 2016
US Presidential Election: Final Debate Aftermath
With the dust having settled after Wednesday final US presidential debate of the 2016 campaign between Donald Trump and Hillary Clinton, the results have become rather apparent...
October 20, 2016
Doting on Draghi
The ECB meeting arrives today when EURUSD is testing key levels. The mid-year lows at 1.0952 is perilously close as I write, whilst the post-Brexit referendum low of 1.0913 being in the frame after that. It’s hard to see the ECB adding to its quantitative easing policy...

HotForex Rating
Fort Financial Services Rating
HYCM Rating Rating
FXCM Rating
XM Rating

365BinaryOption Rating
OptionBit Rating
Binary Brokerz Rating
Anyoption Rating
Empire Option Rating
Porter Finance Rating