GBP/USD keeps trading in a long flat

21 December, 2018

  • Prev Open: 1.26079
  • Open: 1.26532
  • % chg. over the last day: +0.47
  • Day's range: 1.26398 – 1.26976
  • 52 wk range: 1.2477 – 1.4378

The GBP/USD keeps trading in a long flat. The technical picture is ambiguous. The Bank of England, as expected, kept the monetary policy at the same levels. The GBP is supported by the positive retail sales report in the UK. The investors are looking forward to more data regarding Brexit. The key trading range is 1.26350-1.26800, positions should be opened from these levels.

At 11:30 (GMT+2:00) the UK will publish a GDP report.

Indicators do not provide precise signals, 50 MA started to cross 200 MA.

The MACD histogram is close to 0.

The Stochastic Oscillator is in the neutral zone, the %K line is crossing the %D line. There are no signals at the moment.

Trading recommendations

  • Support levels: 1.26350, 1.26000, 1.25400
  • Resistance levels: 1.26800, 1.27550, 1.28000

If the price fixes above 1.26800, consider buying GBP/USD. The movement will tend toward 1.27400-1.27750.

Alternatively, the quotes can descend toward the round 1.26000.

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