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GBP/USD: review and forecast

FX:GBPUSD   British Pound/U.S. Dollar
57 0 1
Current trend

This week, the Pound continues strengthening against the US Dollar             . The pair has gained support amid expectations of relatively favorable statistics on the UK economy. Today the data showed the Consumer Price Index grew by 0.4% in monthly terms against the forecast of 0.3%. In annual terms, the indicator was up by 0.5% while analysts expected it to come in at 0.4%. As a result, the pair gained more than 200 points.

Today market participant will be following data from the US. In particular, Export and Import Prices Indices are due at 2:30 (GMT+2) and the Monthly Budget Statement is released at 8:00 pm (GMT+2).

Support and resistance

On the 4-hour chart, the price range of Bollinger Bands is widening. MACD histogram is in the positive zone; its volumes are growing.

Support levels: 1.4255, 1.4225, 1.4176, 1.4140.
Resistance levels: 1.4318, 1.4370, 1.4405, 1.4456.

Trading tips

Long positions can be opened after the level of 1.4318 is broken out with targets at 1.4370, 1.4405 and stop-loss at 1.4290.
Short positions can be opened after the price breaks down and consolidates below the level of 1.4255 with targets at 1.4225, 1.4176 and stop-loss at 1.4282.
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