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GBP/USD: review and forecast

FX:GBPUSD   British Pound/U.S. Dollar
82 0 0
Current trend

The GBP/USD             pair strengthened by more than 100 points on Monday. The pair was supported by macroeconomic data, released in the US. In particular, the PCE price index for February was down to 0.1% from 0.3%, and the indicator of personal income             declined from 0.5% to 0.2%. As a result, the pair reached the level of 1.4282 but did not manage to consolidate above it and corrected slightly down.

Out of macroeconomic statistics, which can have an impact on the pair, attention needs to be paid to data on Consumer Confidence and the Fed's Chair Janet Yellen Speech.

Support and resistance

On the 4-hour chart, Bollinger Bands is directed up. At the same time, the price has broken out the upper border of the price range indicating a downward correction can start towards the middle MA of Bollinger Bands , to the level of 1.4162. MACD histogram is in the positive zone, its volumes are growing.

Support levels: 1.4194, 1.4157, 1.4111, 1.4086.
Resistance levels: 1.4247, 1.4282, 1.4311, 1.4345.

Trading tips

Long positions can be opened after the price breaks out and consolidates above the level of 1.4282 with targets at 1.4311, 1.4345 and stop-loss at 1.4261.
Short positions can be opened after the price breaks down the level of 1.4194 with targets at 1.4157, 1.4111 and stop-loss at 1.4221.
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