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GBP/USD: review and forecast

FX:GBPUSD   British Pound/U.S. Dollar
46 0 0
Current trend

On Monday the GBP/USD             pair after a short upward correction resumed its downward trend. During the past week, the pair was falling but probably has not reached its lows yet and might continue moving further down. Today attention needs to be paid to statistics on key indices which have been released in the UK and data on retail sales due in the US.

Support and resistance

Bollinger Bands on the 4-hour chart is directed down. The price remains between the middle and the lower MAs. Further decline in the pair seems a likelier scenario.

Support levels: 1.4140, 1.4070.
Resistance levels: 1.4190, 1.4240, 1.4280, 1.4330, 1.4580.

Trading tips

Short positions can be opened below the current level with the target at 1.4070 and stop-loss at 1.4190.
Long positions can be opened above the level of 1.4280 with the target at 1.4330 and stop-loss at 1.4190.
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