GBP/USD: review and forecast on 20.07.2015

July 20, 2015

Current trend

In the beginning of the week, the volatility remains low. The GBP/USD pair opened at 1.5600 and since then fell by only 10 points.

The slow gradual fall is likely to continue throughout the day, as there are no important news coming out today. The only publication in the UK on the Public Sector Net Borrowing is due at 11:30 am (GMT +3). It is likely that the previous figure is going to be repeated, which would put pressure on the pair.

Support and resistance

The price continues moving from the middle to the bottom MA of Bollinger Bands.

Resistance levels: 1.5630 (upper Ma of Bollinger Bands on the hourly chart), 1.5602 (middle MA of Bollinger Bands on hourly chart).

Support levels: 1.5574 (lower MA of Bollinger bands on hourly chart), 1.5560 (local low).

Trading tips

Open short positions below the level of 1.5585 with the target at 1.5560.

Long positions can be opened after the price reaches 1.5560 with the target at 1.5602.

Publication source
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