FX:GBPUSD   British Pound/U.S. Dollar
94 0 7
Current trend

This week the pair continues falling amid an increased probability of monetary policy tightening by the American regulator before the end of the year. Giving a speech at the symposium in Jackson Hole, Fed Chair Janet Yellen stated that it would be reasonable to hike interest rates in the nearest future. In addition, Fed Vice Chairman Stanley Fischer, when commenting on her speech, spoke of a possibility of two rate hikes until the end of the year while the first one could happen as soon as September.

This week, clarity on the matter can bring data on the US labour market, which is due to be released on Friday.

Support and resistance

On the 4-hour chart, Bollinger Bands is directed down while the price range is narrowing indicating the possibility of a trend change. MACD histogram is in the negative zone and its volumes are falling. Stochastic is trying to turn up.
The indicators recommend waiting for clearer trading signals.

Support levels: 1.3079, 1.3061, 1.3042, 1.3025, 1.3009.
Resistance levels: 1.3113, 1.3133, 1.3152, 1.3169, 1.3192.

Trading tips

Short positions can be opened from the level of 1.3080 with targets at 1.3040, 1.3025 and stop-loss at 1.3110. Validity – 1-3 days.
Long positions can be opened from the level of 1.3168 with targets at 1.3210, 1.3240 and stop-loss at 1.3130. Validity – 1-3 days.
More analytic from LiteForex https://www.liteforex.com/trading/forex-analysis/?uid=880952068&cid=12118
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