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
LiteForex information  LiteForex reviews

September 30, 2016
Euro continues to trade sideways inside a 100pips range
Looking at the hourly chart, the pair still fighting to overtake 1.1235 barrier, which is considered as the near-term resistance for the single currency...
September 29, 2016
Will Brexit be more painful for Europe rather than for the UK?
The risk is increasing on the market ahead OPEC meeting in Algiers and Yellen testimonial, which will happen before the House panel. FED-fueled rally on gold starts to fizzle out as the December futures keep on a losing streak for a second day, finally dipping by 0.12% to 1,328.75...
September 28, 2016
US presidential debate moves unwind
The market’s initial response to the US presidential election debate overnight was a clear sigh of relief. The Mexican Peso, which had hit a record low against the dollar just the day before, surged higher, as too did the Canadian dollar...

OANDA Rating
FBS Rating
Vantage FX Rating
FXCM Rating
HotForex Rating
Tickmill Rating

24option Rating
Banc De Binary Rating
Binary Brokerz Rating
OptionTrade Rating
Anyoption Rating
365BinaryOption Rating