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GBP/USD: review and forecast

FX:GBPUSD   British Pound/U.S. Dollar
85 0 1
Current trend

The British currency continues strengthening. Since the beginning of the week, the GBP/USD             pair has gained back about 500 points. There is a good chance that the pair has already reached its lows after the results of the British referendum were released, and, therefore, might continue developing its upward trend.

Support and resistance

On the daily chart , the price remains between the lower and the middle MAs of Bollinger Bands and might continue moving up towards the middle one and reach the level of 1.3500 which is one of recent local highs.

Support levels: 1.3225, 1.3150, 1.3060, 1.2860.
Resistance levels: 1.3400, 1.3470, 1.3500, 1.3585.

Trading tips

Long positions can be opened from the current level with the target at 1.3500 and stop-loss at 1.3235.
Short positions can be opened from the level of 1.3235 with the target at 1.2860 and stop-loss at 1.3310.
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