FX:GBPUSD   British Pound / U.S. Dollar
78 0 4
Current trend

The pair continues growing amid positive macroeconomic statistics from the UK. The Markit Services PMI showed a significant increase from 47.4 to 52.9 points, against forecasted 50.0 points. In addition, the US Dollar             remains under pressure after Friday’s publication of the labour market report that did not match the expectations.
Today pair’s dynamics can be affected by data on the ISM Non-Manufacturing PMI from the US. A forecasted increase in the index could break current upward tendency. Otherwise, the pair might consolidate above the level of 1.3400.

Support and resistance

On the 4-hour chart, the pair is testing the level of 1.3340. Bollinger Bands is directed up while the price range is narrowing, suggesting the possibility of a trend change. MCD             histogram is in the positive zone and its volumes are falling. Stochastic is growing having bounced off the border of the oversold zone.

Support levels: 1.3311, 1.3299, 1.3285, 1.3267, 1.3253, 1.3240.
Resistance levels: 1.3344, 1.3359, 1.3371, 1.3400.

Trading tips

Long positons can be opened from current prices with targets at 1.3360, 1.3370 and stop-loss at 1.3300. Validity – 1-2 days.
Short positions can be opened from the level of 1.3310 with the target at 1.3270 and stop-loss at 1.3330. Validity – 1-2 days.
More analytic from LiteForex:
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