GBP/USD: review and forecast on 14.08.2015

August 14, 2015

Current trend

Since yesterday, the price in the pair GBP/USD changed insignificantly and the pair largely remained within the range of 1.5600-1.5620.

Today, a number of important publications are due, of which perhaps the most important are out at 12 pm (GMT +3). There is a possibility that the data from the eurozone is going to affect not only the Euro, but the GBP as well. Furthermore, at 4:15 pm (GMT +3) the data on Industrial Production is out in the US. If negative forecasts are confirmed, the USD is going to weaken.

Support and resistance

The price is moving sideways just above the middle MA of Bollinger Bands. Eelier the indicator formed a “bottleneck”, which indicates that a new trend may form soon.

Support levels: 1.5599 (middle MA of Bollinger Bands), 1.5555 (lower MA of Bollinger Bands).

Resistance levels: 1.5644 (upper MA of Bollinger Bands).

Trading tips

Open short positions after the price rebound from the level of 1.5644 with the target at 1.5599; and below the level of 1.5580 with the target at 1.5555.

Publication source
LiteForex information  LiteForex reviews

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