The GBP/USD pair has been consolidating within a narrow range. In the coming days, attention needs to be paid to macroeconomic statistics from the UK, which are expected to strengthen the Pound. At the same time, despite relatively weak data from the US, the American currency has been supported by boosted expectations that the Fed would raise interest rates this year.
Today dynamics in the pair can be influenced by the publication of data on the US Consumer Price Index for September.
Support and resistance
On the 4-hour chart, is moving up while the price range is widening. histogram remains in the negative zone, its volumes are falling. is at the border of the overbought zone and directed horizontally.
The indicators recommend long positions.
Support levels: 1.2277, 1.2261, 1.2202, 1.2172, 1.2139, 1.2102.
Resistance levels: 1.2316, 1.2339, 1.2374, 1.2406.
Long positions can be opened from the level of 1.2290 with the target at 1.2350 and stop-loss at 1.2265. Validity – 1-2 days.
Short positions can be opened from the level of 1.2255 with the target at 1.2205 and stop-loss at 1.2280. Validity – 1-3 days.